IEA cuts oil consumption forecast
Posted on: Friday, 5 December 2008, 16:27 CST
The International Energy Agency cut its projection for growth in worldwide oil consumption by 33 percent Friday.
The IEA had previously said oil consumption would grow about 1.5 million barrels a day from 2008-13. Friday, it scaled back the forecast to 1 million barrels a day through the same period, the Financial Times reported.
For the first time since 1945 most (Organization for Economic Co-operation and Development) countries are expected to face a severe economic recession in 2009,
the IEA said in a Medium-Term Oil Market Report. By the same token, emerging economies are bound to slow down, even if managing to maintain positive growth rates.
The IEA also said it could lower forecasts further. Even though the world economy is expected to recover from 2010 onward, there is a risk that the slowdown might be more prolonged,
the report said.
Source: United Press International
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