IEA Assumes World Economy to Recover at the End of this Year

Preliminary data indicate that global oil consumption declined by 3 million barrels per day (bbl/d) in the second quarter of 2009 compared with year-earlier levels.  Members of the Organization for Economic Cooperation and Development (OECD) accounted for most of the decline; total non-OECD consumption was virtually unchanged.  The current macroeconomic outlook assumes that the world economy begins to recover at the end of this year, led by non-OECD Asia.  As a result, EIA expects world oil consumption to grow in the fourth quarter of 2009 compared with year-earlier levels, the first such growth in 5 quarters.  Projected world oil consumption grows by 0.9 million bbl/d in 2010.

Hey good luck, I hope it's true.


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