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OGJ Newsletter

04/20/2009
General Interest — Quick TakesIEA slashes worldwide oil demand forecastThe International Energy Agency in its April oil market report revised down by 1 million b/d its outlook for 2009 worldwide oil demand.IEA cited a reassessment of global economic assumptions and much lower-than-expected first quarter demand data as the drivers of this revision. IEA went on to say it believes that economic and oil demand recovery will be deferred to 2010. With the expectation that global GDP will contract 1.4% this year, the agency now forecasts that worldwide oil demand will average 83.4 million b/d, which is 2.4 million b/d below 2008 demand.In its previous monthly oil market reports, Paris-based...
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