Friday, April 10, 2009

Oil demand set to fall by 2.4m barrels a day

http://business.timesonline.co.uk/tol/business/industry_sectors/utilities/article6071632.ece

They tell you one thing
But if you look you can see the other

The recession gripping the world's developed economies will push oil demand down by 2.4 million barrels a day this year, the International Energy Agency (IEA) said.

The IEA said that only 83.4 million barrels of oil would be needed a day this year, 2.8 per cent lower than last year after “much lower-than-expected; economic growth in the global economy", as it revised down its previous forecast by one million barrels a day.

It said: "This forecast implicitly discards a recovery in both global economic growth and oil demand from the second half of 2009 as we had earlier assumed."