IEA Cuts Demand Forecast, Non-OPEC Supply Growth on Recession

(Bloomberg) — The International Energy Agency cut its 2009 oil demand forecast for a seventh month as the global slump saps consumption. Non-OPEC supply growth has stopped as investment drops and faults close fields, it said.

The Paris-based adviser to 28 nations reduced its 2009 oil demand forecast by 270,000 barrels a day to 84.4 million barrels a day. That represents a decline in demand of 1.25 million barrels a day, or 1.5 percent, from 2008.