IEA Drops Oil Demand Projections For Eighth Consecutive Month

The International Energy Agency revised its 2009 global oil demand down by 1 million barrels.

This is its eight consecutive month with demand cuts. It now anticipates oil demand for the year to be 83.4 million barrels a day, a 2.4 million barel a day decrease from the year prior.

The IEA said the economic contraction is worse than they thought in the past, and it expects the world economy to shrink by 1.4% this year compared to last. The demand drop will be worst in developed countries, says the IEA. Oil supply from non-OPEC countries will drop.

As it is Good Friday, there will be no trading today. Yesterday oil settled at $52.24.

(Derricks image: richardmasoner)

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