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EIA cuts 2009 global demand outlook

EIA cuts 2009 global demand outlook

11 February 2009 09:04 (UTC +04:00)

Bakuâ€“ APA-Economics. The EIA revised down its 2009 global oil demand forecast by 400,000 barrels per day from the previous outlook, predicting demand will fall by 1.17 million barrels per day this year from 2008 levels.
The worsening global economy and a weak consumption means there is plenty of oil on the market despite recent OPEC cuts, said the EIA.
Meanwhile, the Commerce Department said Tuesday that wholesalers slashed inventories by the largest amount in 16 years. Inventories plunged by 1.4 percent, nearly double analysts’ expectations of 0.8 percent.
Crude prices plunged Tuesday after the U.S. Energy Information Administration (EIA) lowered global oil demand forecasts.

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