IEA Cuts Oil Demand Through 2013

Tuesday, October 13, 2009

The IEA, has cut five-year forecasts for global crude demand because of the economic slump, predicting that consumption will not regain last year’s levels until 2012.

The IEA cut its oil demand estimates for every year through 2013 by about 3 million barrels a day, stating that consumption will average 86.76 million barrels a day in 2012, the first year it will rise above 2008’s level of 85.76 million barrels a day.

“The deep economic recession that has spread worldwide in the past year has taken a severe toll on oil demand,” the IEA said in the report, updating estimates made in December. “This marks a break after several years of strong oil demand growth.”

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