8% down in 1 year
The latest figures suggest that the drop in US oil demand may be more serious than originally anticipated, exceeding the decline witnessed in the previous big slump in 1980.
Meanwhile, in an unprecedented move, the International Monetary Fund revised downward its 2009 global GDP forecast for the second time in three months on January 28 to 0.5%, which means that most oil market analysts will soon be revising down their forecasts for oil demand.
Global economic growth for 2009 was originally projected at 3% by the IMF in October 2008.
The IMF expects US economic growth to swing from minus 1.6% this year to positive 1.6% in 2010.
February 4, 2009