IEA Lowers 2009 Global Oil Demand Forecast

Global demand for oil is projected at 84.4 million barrels per day in 2009, down 1.5 percent from the previous year, the International Energy Agency said Friday.

LONDON (Kyodo) -- Global demand for oil is projected at 84.4 million barrels per day in 2009, down 1.5 percent from the previous year, the International Energy Agency said Friday, lowering its earlier forecast by 270,000 barrels a day.

The IEA made the downward revision in its monthly report as the use of oil in such consumers as North America and China is more likely to decline.

If the International Monetary Fund's global economic outlook, due to be released in April, is revised downward, demand for oil will weaken further, the agency said.

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