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U.S. bank cuts world oil demand forecast

Oil&Gas Materials 29 March 2009 15:19 (UTC +04:00)

Azerbaijan, Baku, March 29 / Trend , A.Badalova/

According to JPMorgan, the world oil demand for 2009 will fall by 2.2 million barrels to 83.5 million barrels per day, compared to 85.7 million barrels per day in 2008.

Earlier, the bank said the world oil demand would drop by 1.6 million barrel per day in 2009.

Reduced world oil demand will be observed in the second quarter at 82.6 million barrels per day.

The world oil demand will increase to 84.5 million barrels per day in the fourth quarter.

Forty-six million barrels per day will account for Economic Cooperation and Development Organization (ECDO) countries and 37.5 million barrels per day for non-ECDO countries. 

According to bank analysts, the world oil demand will drop by 3.2 million barrels to 83 million barrels per day in 2009.

OPEC oil supplies will hit 27.9 million barrels per day, or 3.2-million-barrels-per-day less than in 2008.

Non-OPEC countries will deliver 48.1 million barrels of oil per day in 2009, compared to 48.2 million barrels in 2008.

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