Global oil demand down until 2014

Britain: World oil demand will fall by 0.6 percent with a reduction of 85.7 to 83.2 million barrels and it will not recover until 2014 due to the international economic crisis.

The last report of the International Energy Agency (IEA) affirms that recession has big implications for the energy sector, so there are chances of greater contraction.

The IEA Executive Director, Nobuo Tanaka, recalled it was forecast a yearly increase of one million barrels per day from 2008 to 2014, but the current outlook is very different to that which was predicted in December last year. Taking as reference a slow rebound of the global economy in the order of three percent until 2012, the IEA foresees that the world demand of oil will drop by 140 thousand barrels a day iu the medium term.

Oil prices are around half of that, considering that last year, in July, prices neared the 150 dollars a barrel.

The US crude is now in the order of 70 dollars.

Despite the low predictions of demand, the IEA highlighted that crude global consumption will gradually recover over the next years.

London, Prensa Latina