Finance

Home page

Finance

IEA slashes demand forecast by 270 000bpd

13 March 2009 13:44 (UTC +04:00)

Baku â€“ APA-Economics. The International Energy Agency cut its 2009 oil demand forecast for a seventh month as the global slump saps consumption. Non-OPEC supply growth has stopped as investment drops and faults close fields, Bloomberg reported.

The Paris-based adviser to 28 nations reduced its 2009 oil demand forecast by 270,000 barrels a day to 84.4 million barrels a day. That represents a decline in demand of 1.25 million barrels a day, or 1.5 percent, from 2008.
The Organization of Petroleum Exporting Countries will meet in Vienna on March 15 to review production quotas as the economic crisis keeps oil below $50 a barrel.
The IEA also cut its estimate for the growth of oil supplies from outside OPEC this year from 380,000 barrels per day to zero because of production problems in Azerbaijan, AFP reported.
These latest revisions to supply estimates wiped out the previously expected growth from non-OPEC producers this year to leave the total almost steady at 50.6 mbd.