Wednesday, November 11, 2009

OECD Oil Demand Peaked - OPEC

From the FT's Energy Source blog:

November 11, 2009 2:11pm







We’ve heard a lot about how OECD oil demand has peaked and was hit particularly hard by the recession, with most forecasts of growth coming solely from the developing world.
Stil, it’s stark to see how steep this year’s plunge has been. From Opec’s latest Monthly Oil Market Report:
Opec
The oil producers’ cartel tends to be restrained in its demand forecasts anyway, but it’s sounding particularly gloomy about the prospects for some of this lost demand ever coming back:

Moreover, even if the expected economic recovery materializes, it remains to be seen whether demand would be able to return to pre-crisis levels. Energy policies and behavioural changes are bound to have some impact on consumption and this will gradually feed into overall demand patterns, especially in key sectors such as transportation. However, it is still premature to assess the full effect of these changes.

Great chart....2009 demand below 1996's.

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