OPEC: Global oil demand falls further

Share This Article
April 15, 2009 9:57am ETF BASIC NEWS NYSE:USO

oil1The Organization of the Petroleum Exporting Countries says demand will drop by 1.37 million barrels per day in 2009, a sharper decline than previously forecast.

LONDON (Reuters) — World oil demand is shrinking faster than previously thought as a slowing global economy erodes consumption, OPEC said on Wednesday.

The Organization of the Petroleum Exporting Countries said in its Monthly Oil Market Report that demand would drop by 1.37 million barrels per day (bpd) in 2009 to average 84.2 million bpd. Its previous forecast was for demand to fall by 1.01 million bpd.

Demand is falling fastest in the developed nations of the Organization for Economic Co-operation and Development (OECD), but the global downturn has also curbed previously rapid demand growth in developing countries like China and India.

Demand growth in countries outside the OECD has fallen by 90% year-on year, OPEC said, and is now expected to increase by just 200,000 bpd in 2009.

“Unlike last year, non-OECD oil demand growth has lost 90% of its strength this year,” OPEC said in its report.

Full Story: http://money.cnn.com/2009/04/15/news/economy/opec_demand.reut/index.htm?section=money_latest

9 "BUY THE DIP" Growth Stocks For 2020

Read Next

Get Free Updates

Join over 50,000 investors who get the latest news from ETFDailyNews.com!

Most Popular

Explore More from ETFDailyNews.com

Free Daily Newsletter

Get daily ETF insights from our market experts. Never miss another important market development again!

ETFDailyNews.com respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories