Global Oil Demand Predicted to Decline Second Consecutive Year
Articles — By forcechange on January 16, 2009 11:01 am
The International Energy Agency (IEA) forecast on Friday that world oil demand will drop again in 2009, which would make it the first time in 26 years that demand has declined for two consecutive years.
The IEA based their estimate on downward revisions made to GDP forecasts by global economic institutions, such as the International Monetary Fund. According to the IEA report, “China’s economy, in particular, appears to have sharply slowed down as its main export markets tumble.”
The forecast calls for a 0.6% decline in demand in 2009. The last time there were two consecutive years of decline was in 1982 and 1983.
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