International Energy Agency (IEA) yesterday estimated that this year global oil consumption will be reduced due to the economic crisis, a record for the largest reduction in 1981.
Paris-based IEA has been noted in the monthly report forecasts global oil demand this year will be reduced by 3% to 8,320 million barrels per day, less than last year's daily average of 2,600,000 barrels. This is the ninth straight month of IEA revised forecast of global oil demand; IEA forecast last month, a decrease of 2.8% this year. If the reduction in oil demand this year will be the first time since 1982-1983 for two consecutive years of reduction.
Of the OECD (OECD) of 30 rich countries, IEA forecast that oil demand will be reduced by 5.1% to 4,510 million barrels per day. In contrast, non-OECD demand in developing countries fell by 0.4%, 3,810 million barrels a day.
IEA pointed out that earlier this week the price reach 60 U.S. dollars per barrel price of six months, the main reason is the market optimistic about the economic recovery, rather than fundamental factors of supply and demand change. IEA oil industry and the market, head of Fairfield, said: "From the preliminary data analysis, but also do not see the economy in early 2009 will show signs of recovery."
Source: www.in-en.com May. 18, 2009
