Oil Demand Projections for 2009 Trimmed

The International Energy Agency in Paris cut its projections for global crude oil demand for 2009 by 670,000 barrels per day Thursday.

For 2009, the agency said global demand is expected to grow by 0.35 million barrels a day to 86.5 million barrels a day.

The petroleum tracking agency also trimmed its projection for 2008 demand by 330,000 barrels per day, but noted that prices for crude oil “stabilized in early November.”

Crude oil prices fell around $25 per barrel in October, to just under $60 per barrel, IEA said.

In October, crude oil supply from the Organization of Petroleum Exporting countries was “flat,” compared with a month ago, remaining at 32.1 million barrels a day, the agency said.

During the month “recovery after outages in Iraq, Angola and Libya offset lower supplies elsewhere,” the IEA said.