International Energy Agency Reduces Forecasts of World Demand for Oil in 2008 and 2009
Azerbaijan, Baku, 10 October / Trend corr. A.Badalova / The International Energy Agency (IEA) reduced forecasts of the world demand for oil by 240,000 barrels a day in 2008 and by 440,000 barrels a day in 2009, official website of the IEA reported. Main reason of reduction was weak supplies by the Organization for Economic Co-operation and Development (OECD) countries, as well as forecasts of the International Monetary Fund on little growth of the Gross Domestic Product (GDP) in 2009.
According to updated forecasts of the IEA, the world demand for oil will rise by 400,000 barrels a day (0.5%), to 86.5mln barrels in 2008 as compared to 2007. Use of oil in the world will rise by 700,000 barrels a day (0.8%), to 87.2mln barrels a day in 2009.
Recoverable reserves of oil and oil products were reduced by 5.1mln barrels, to 2.645bln barrels in the OECD countries in August 2008.
The world oil deliveries were reduced by 1.1mln barrels a day, to 85.6mln barrels in September 2008. One of reasons of reduction of world deliveries is connected with cancellation of oil production at offshore area of the Mexican Gulf as a result of tropic hurricanes, as well as reduction of oil in Azerbaijan and in the OECP countries.
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