Tuesday, December 9, 2008

Global oil demand could contract in 2009: IEA


The head of the International Energy Agency says the global demand for oil could shrink next year if the economies of China, India or the Middle East slow down fast.

Agency's head Nobuo Tanaka says that if current economic conditions continue he expects only slight growth in oil demand in 2009.

But he says a total global decline remains a possibility if a slump hits the economies of China, India or the Middle East.

Tanaka was speaking Monday at UN climate talks in the western Polish city of Poznan.

The Paris-based agency recently slashed its global oil demand forecasts for the period to 2013.

It said the world oil market had been shaken by high prices earlier this year followed by the global economic slowdown.

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