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BMI: Only small increase seen in 2009 oil consumption

01/12/2009
Global oil consumption will increase by just 0.6%, representing a decline of 1.3% in Organization for Economic Cooperation and Development countries and an increase of 2.3% in non-OECD countries, according to analyst Business Monitor International.BMI estimates the overall increase in demand to reach 500,000 b/d, with North American demand contracting by at least 520,000 b/d and European demand also falling slightly.It cites the International Energy Agency’s December Oil Market Report (OMR), which predicts growth in 2009 oil demand of 0.5%, with an increase in global consumption of 440,000 b/d.IEA expects a decline of 330,000 b/d in North America. OECD demand is forecast to fall by ...
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