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Sep 10, 2008, 9:47 GMT

Energy agency revises downward global oil demand

Paris - The International Energy Agency (IEA) said Wednesday that it has revised downward its forecast of global oil demand for this year and 2009. In its Monthly Oil Report, issued in Paris, the IEA said the reason was that the global economic slump and high crude oil prices during the summer caused weaker-than-expected oil deliveries in industrial nations. 'The data suggest that the demand impact of weaker economic conditions and high prices during the summer - when oil prices reached an all-time peak - was more marked than expected, notably in the United States,' the IEA said. 'Furthermore, the effects of the ongoing hurricane season on US demand are subject to considerable uncertainty.' World demand for oil is expected to average 86.8 million barrels per day (bpd) this year, or some 100,000 bpd less than the agency had forecast earlier. In 2009, global oil demand is foreseen to average 87.6 million bpd, or 140,000 bpd lower than the IEA's previous report.

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