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EIA outlook lowers oil, gas demand forecast

03/16/2009
In its latest Short-Term Energy Outlook (STEO), the US Energy Information Administration has lowered its projections for oil and natural gas demand in 2009-10 as the global economic contraction continues to depress energy demand.EIA now expects US real gross domestic product to decline 2.8% in 2009, leading to a reduction in energy consumption for all major fuels. EIA forecasts that an economic rebound will begin in 2010, with 1.9% year-over-year growth in US real GDP.Average annual world oil consumption is projected to decline almost 1.4 million b/d in 2009, with consumption in Organization for Economic Cooperation and Development countries falling 1.6 million b/d. This expected decline ...
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