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Monday, April 13, 2009

Demand for oil to hit lowest point in five years

LONDON Ñ Global demand for oil is expected to drop to the lowest level since 2004, according to a report from Paris.   

The International Energy Agency said global oil demand would drop by 2.4 million barrels per day in 2009. The Paris-based agency cited the continued economic crisis, which has hit Western economies.

"Forecast 2009 global oil demand is revised down by one million barrels per day after a reassessment of GDP assumptions and much lower-than-expected first quarter demand data," IEA said on April 10.

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"Global demand is now forecast at 83.4 million barrels per day, 2.4 million barrels per day below 2008. 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."

The agency said oil producers were reducing deliveries in an effort to stockpile an inventory. So far, the inventory has reached 61.6 days in February 2009, the highest level since 1993.

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