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Oil demand 1 million barrels a day

Oil demand 1 million barrels a day
The Paris-based International Energy Agency (IEA) has revised its 2009 global oil demand further downwards by 1 million barrels per day (bpd).

The Paris-based International Energy Agency (IEA) has revised its 2009 global oil demand further downwards by 1 million barrels per day (bpd).

The Paris-based International Energy Agency (IEA) has revised its 2009 global oil demand further downwards by 1 million barrels per day (bpd).

Its latest Oil market Report now pegs 2009 global oil demand at 83.4 million bpd, a 2.4 million bpd drop from 2008 global oil demand levels.

The downward revision was based on a ?reassessment of GDP assumptions and much lower than expected 1Q09 demand data (first quarter of this year)?.

?The pace of contraction is close to early 1980s levels, with a growing consensus that economic and oil demand recovery will be deferred to 2010,? said the IEA.

With regards to crude prices, the IEA said the $50 mark was exceeded for the first time in four months ?as more bullish sentiment entered financial markets in late March/early April.?

According to the agency, prices recently tracked expectations for the global economy, ?seeking signs of demand recovery.?

It warned however, that ?pervasively weak market fundamentals could limit further gains for now.?

www.TurkishMaritime.com.tr

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