IEA Cuts Oil Demand Forecast for '08, '09 - TheStreet

IEA Cuts Oil Demand Forecast for '08, '09

The International Energy Agency lowered its forecasts for global oil demand in 2008 and 2009 because of the impact of weaker economic conditions and high prices during the summer.
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The International Energy Agency lowered its forecasts for global oil demand in 2008 and 2009 because of the impact of weaker economic conditions and high prices during the summer.

In its monthly report, the IEA said world demand averages 86.8 million barrels of oil a day, up 0.8% from levels in 2007, but 100,000 barrels lower than previous estimates. The IEA sees 2009 oil demand of 87.6 million barrels, up 1% from a year earlier, but 140,000 barrels lower than forecasts the agency made last month.

This article was written by a staff member of TheStreet.com.