Glug, Glug, Glug - Tire Review Magazine

Glug, Glug, Glug

Proving that predictions are as worthless as the air they are made of…

Global oil demand will contract by far more than previously expected in 2009 due to extreme weakness in the global economy, the International Energy Agency (IEA) now says.

2009 demand is expected to fall by 980,000 barrels per day to 84.7 million bpd, IEA said in its latest monthly market report. Previously IEA forecasted demand to contract by 500,000 bpd this year.

As the forecast downgrade, says IEA, may not be the last.

World oil demand is now expected to average 1.4 million bpd less than it did in 2007, before crude’s price spike and the slowdown in the global economy started to cut demand.

IEA said that future oil supply growth is suffering due to the collapse in prices, with decline rates in mature oilfields likely to accelerate if oil remains at $40 a barrel.

Now, about all those people who think driving miles are trending back up….

If you have comments to share, send to me at [email protected].

– Jim Smith

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