The global demand for oil was much lower than previously expected in the first quarter of the year, and won’t recover until 2010, according to a new report by the International Energy Agency.
The agency said it now expects global demand for the year to be 83.4 million barrels per day, 2.4 million less than in 2008 and 1 million less than the agency’s previous prediction for 2009. The contraction in oil consumption is similar to levels from the early 1980s, the report said.
