OPEC has today cut its’ forecast for 2009 world oil demand. The body thinks global demand will fall by 580,000 barrels per day, much higher than its’ previous forecast calling for a decline of 180,000 barrels per day. OPEC says “World oil demand continues its steep decline from last year and is expected to follow this strong negative pattern at least for the first three quarters of the year.”
Earlier this week the International Energy Agency, advisor to consuming countries, said consumption in 2009 would fall a much heftier 980,000 barrels per day.
