IEA: World oil demand will fall 2.4 million barrels per day in 2009

International Energy Agency said that “global demand for oil will decline by 2.4 million barrels per day in 2009, and that economic recovery will not happen until next year.”

The Agency expected that the “demand this year will fall about one million barrels a day short of the expectations of the Agency in its monthly report, for the total 83.4 million barrels a day.”
The British news agency (Reuters quoted the President of the oil sector and the market proxy, David Fife, based in Paris, as saying that “This is an extraordinary period in relation to the collapse of demand,” believing that “Everybody is trying to know when a recession will reach its peak. We can not say conclusively that global GDP will not be getting worse. ”

 
the report noted that “the expectations of lower global demand is not just speculation,” and referred to earlier indications from the first quarter of this year showed “a much greater decline” in demand in the developed and developing countries than previously thought.

 
The reason for the request to the decline in oil stocks rose in developed countries, where consumption covered for a period of 61.6 days in February, a measure was closely watched by Organization of Petroleum Exporting Countries (OPEC), which is that the level of cover is a comfortable 52 days.

 
The agency said in its report last month that a firm commitment on the part of OPEC members agreed to the cutback would reduce stocks in developed countries by mid this year, despite the expected drop in demand.