IEA cuts 2008 oil demand forecast by 310,000 bpd

11 April 2008 11:14  [Source: ICIS news]

LONDON (ICIS news)--The International Energy Agency (IEA) has cut its 2008 forecast for global oil demand by 310,000 barrels per day (bpd) on predictions of an economic slowdown, it said on Friday.

 

“Weaker than expected economic growth has the greatest implications for global oil demand,” the IEA said in its monthly report.

 

The agency dropped its forecast for oil product demand from last month's prediction to 87.2m bpd for full-year 2008, it said.

 

The report said the fall was in reaction to the International Monetary Fund's (IMF's) downward adjustment to global gross domestic product (GDP) forecasts, notably in the US.

 

The agency has also decreased its oil product demand estimate for the Organisation for Co-operation and Development countries (OECD) by 320,000 bpd to 48.9m bpd.

 

“The changes result from the IMF’s considerable adjustment of its US GDP forecast and from a large downward revision to US January data, which largely offset strong demand for heating and power generation fuels in Europe and the Pacific,” it said.

 

However, non-OECD oil product demand estimates have been kept unchanged at 38.3m bpd for full-year 2008.

By: Lucy Craymer
+44 20 8652 3214

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