Energy Agency: Demand for oil will decrease to double of what was expected in 2009

International Energy Agency announced that Demand for oil will decrease in world more than of what was expected in 2009 due to failing of world economy.

Agency expects in its monthly report drop of world demand for oil by 980.000 barrel a day in 2009 to become 84.7 million barrel per day.

These expectations said that the decrease value may be double of to double of what was expected in 2009 and was 500.000 barrel per day.

This reduce came after dropping of demand of oil by 1.4 million barrel a day on 2007 due to rising in its price and slow world economy development.

Agency said that these continuous and large cut within past few months demonstrated the limitation of world economy and slaw in consumption and industrial activities.

The decrease causes drop of oil prices which are already deterioration. But OPEC said that it will work on oil production reduction .