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IEA slashes 1 million b/d from 2009 oil demand outlook

01/26/2009
In its most recent monthly Oil Market Report (OMR), the International Energy Agency slashed its oil demand outlook for 2009, and updated its demand figures for the fourth quarter of 2008.The agency has lowered this year’s oil demand forecast based on a revised picture of the world’s economic weakness and now assumes 2009 global real gross domestic product growth of 1.2%.A month ago, IEA based its outlook on an International Monetary Fund estimate of 2.1% GDP growth for the year. Click here to enlarge imageThe January OMR shows that oil demand in the Organization for Economic Cooperation and Development has been cut by 500,000 b/d from estimates in the IEA’s December OMR...
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