ArabianBusiness.com - Middle East Business News
Monday, 13 October 2008 | 04:35 UAE time

YOUR DIRECTORY /

Print this page Print this page | Email this to a friend Email this to a friend | Discuss this article (0 Comments) |

Slower oil demand growth forecast for 2009

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Thursday, 10 July 2008
GROWTH DROP: The International Energy Agency says oil demand growth will drop next year. (Getty Images)

World oil demand growth will slow slightly to 890,000 barrels per day (bpd) in 2009 to 87.7 million bpd, down from growth of 860,000 bpd this year, and the need for OPEC oil will also fall, the IEA said on Thursday.

High oil prices have contributed to lower demand in developed countries, although this was offset by robust growth in emerging economies, the International Energy Agency said in its monthly report.

While demand eases, non-OPEC supply is expected to increase to around 640,000 bpd to 50.6 million bpd in 2009, compared with a roughly 420,000 bpd increase this year.

Story continues below
advertisement

At the same time, the need for crude from the Organization of the Petroleum Exporting Countries (OPEC) will ease to between 31.1 million bpd and 31.2 million bpd, down by some 600,000 bpd from 2008.

Last month, OPEC crude supply increased by 350,000 bpd in June to 32.4 million bpd, boosted by a rise in Saudi Arabian supply to 9.45 million bpd and by exports from floating storage that lifted Iranian supply to 3.8 million bpd.

Overall OPEC capacity should rise by about 1 million bpd by the end of this year. (Reuters)

Print Print | Email Email | Discuss this article |



USER COMMENTS (0 COMMENTS)

CLICK HERE TO POST A COMMENT

Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code * Code


Please click post only once - your comment will not be published immediately.

RELATED LINKS

  1. International Energy Agency (IEA)»
  2. Organisation of the Petroleum Exporting Countries (OPEC)»

 EMAIL ALERTS

  1. International Energy Agency (IEA)

  2. Organisation of the Petroleum Exporting Countries (OPEC)

  3. Energy



BUSINESS FEATURES

Coal's comeback

Arabian Business reports on the unlikely return of an unfashionable fossil fuel.

Jordan's growing pains

Gulf developers are being drawn to Jordan, but face inflation and energy resources stretched to the limit.

Leading the green revolution

Abu Dhabi is building a green future, and will force developers to toe the line with a raft of regulations.

ArabianBusiness.com/Jobs - Middle East Jobs Search
  1. Compensation and Performance Appraisal Manager
    Industry: Energy
    Location: Dubai, UAE
  2. Project Director – Gas Cities
    Industry: Oil & Gas
    Location: Sharjah, UAE
Browse all jobs »

BUSINESS INTERVIEWS

Planes, trains and automobiles

With power plants, aircraft parts and green energy in high demand in the UAE, the stage is set for a new partnership.

MORE FROM ARABIANBUSINESS.COM