IEA cuts 2008, 2009 global oil demand growth forecast

Published: 10 Sep 2008 16:43:15 PST

LONDON, Sept 10 - The International Energy Agency lowered its 2008 world oil demand growth forecast by 100,000 barrels per day (bpd) due to the impact of weaker economic conditions and high prices, according to a monthly report released on Wednesday.

The IEA, adviser to 27 industrialised countries on energy policy, also trimmed its forecast for 2009 global demand growth by 40,000 bpd to 890,000 bpd.

Total global demand growth for 2008 was expected to be 690,000 bpd, according to the IEA's September Oil Market Report.

Global supply fell by 1 million bpd in August to 86.8 million bpd, the IEA said, due in part to North Sea maintenance, lower OPEC supply and disruptions to the Baku-Tbilisi-Ceyhan (BTC) pipeline. (Reporting by Jane Merriman and Matthew Robinson in London)