IEA and OPEC may cut global oil demand forecasts next week

The world’s top energy forecasters look set to cut further their estimates of oil demand for this year as the global economy slips towards its first contraction since World War II, analysts say.

The International Energy Agency (IEA), which advises 28 industrialised countries, is due to publish its closely watched monthly report on March 13 and it tends to reflect estimates for world economic growth by the International Monetary Fund.



The IMF has steadily cut its 2009 growth forecasts and is bracing for global economic shrinkage this year, as bank lending stalls, factories close and unemployment rises.

The Organization of the Petroleum Exporting Countries is also due to release its monthly Oil Market Report on March 13 and it too will almost certainly slash demand forecasts.

A packed week for data sees the release of the U.S. Energy Information Administration’s monthly report on March 10 and this may also contain a cut in its demand forecast.

Reuters