According to the US Bloomberg News, due to the global economic recession, the International Energy Agency (IEA) cut its forecast for global oil demand in 2009 again on December 5.
IEA analysis expert David Martin said in a telephone interview with reporters on December 5 that the Paris-based International Energy Agency recently cut its forecast for global oil demand in 2009 by 170,000 barrels per day. From its November estimate, it has reduced to 86.37 million barrels per day.
Martin said that the IEA also reduced its global oil demand forecast for 2013 by 2.9 million barrels, which was reduced from the estimate of 94.44 million barrels in July to 91.25 million barrels.
As global economic growth slowed, consumers cut spending and reduced fuel demand, including gasoline and naphtha, the latter for plastics, clothing and toys.
The International Energy Agency said that due to the financial crisis and the drop in oil prices, those large-scale energy projects may not be completed within the prescribed time limit.
Martin said that the International Energy Agency has also reduced its forecast for oil demand in 2008 by 40,000 barrels per day.
In a report issued on December 5, the International Energy Agency said that demand for gasoline and naphtha will continue to weaken, while demand for diesel will increase.
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