What do you think about the article, “IEA sees oil demand fall in developing countries (AP)”?
The International Energy Agency has lowered its estimate for global oil demand in 2009 after “much lower-than-expected” economic growth in the global economy. The Paris-based agency based its forecast on an “unusually severe recession” in rich countries, and also revised its expectations for developing countries where oil demand is seen falling for the first time in 15 years. In its closely watched monthly survey, the IEA cut its forecast for demand this year by a daily 1 million barrels to 83.4 million barrels a day — 2.8 percent lower than last year. The IEA said that “the pace of contraction is close to early 1980s levels, with a growing consensus that economic and oil demand recovery will be deferred to 2010.” In rich countries belonging to the Organization for Economic Cooperation and Development, the IEA forecasts a cut in oil demand of 760,000 barrels to 45.2 million barrels a day — 4.9 percent lower than 2008. In non-OECD developing countries, the IEA said it has lowered its ex
http://www.guardian.co.uk/business/2009/jun/11/oil-global-economy World oil demand will contract by less than previously expected in 2009, the International Energy Agency said on Thursday in a further sign the economic outlook may have stopped deteriorating. The agency, which advises 28 industrialised countries, said the upward adjustment followed stronger-than-expected demand early in the year in developed countries. The increase in the estimate for 2009 is the IEA’s first since August 2008. “These revisions do not necessarily imply the beginnings of a global economic recovery, and may only signal the bottoming out of the recession,” the IEA said in its monthly Oil Market Report. Global oil demand is expected to fall in 2009 by 2.47 million barrels per day (bpd) to 83.3 million bpd. The IEA’s previous forecast was for consumption to contract by 2.56 million bpd, the sharpest fall since 1981.
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