Stratfor: Oil Demand To Decrease In 2009

From Stratfor:

The International Energy Agency (IEA) released figures Jan. 16 indicating global oil consumption will fall in 2009, The Associated Press reported. The IEA blamed the global economic crisis for the reduction in oil demand, and said a drop this year is the first two-year slide since 1982-1983. The IEA forecasts oil demand will drop by 1 million barrels per day (bpd) to 85.3 million bpd, 0.6 percent lower than 2008. Oil demand in 2007 is estimated to have slide 0.3 percent to 85.8 million bpd. The IEA bases its forecast on estimates for global economic growth, which it projects to be 1.2 percent in 2009.