Special Report: Global Financial Crisis
PARIS, Nov. 13 (Xinhua) -- The International Energy Agency (IEA) on Thursday cut its global oil demand forecasts for this year and next year as major economies hit by a financial crisis are slipping into recession.
In its latest monthly report, the Paris-based agency lowered its forecasts for global oil demand to 86.2 million barrels per day (bpd) this year and 86.5 million bpd in 2009, compared with 86.5 million bpd and 87.2 million bpd for 2008 and 2009 in its previous report.
The IEA said its forecasts were based on the economic prospects of the International Monetary Fund.
The world demand for crude, however, should still grow 0.1 percent this year and 0.4 percent next year, the report added.