Global oil demand to slump

In its latest Short-term Energy Outlook, released this week, the EIA said the current global slowdown would be more severe and would last longer than previously expected. As a result, it expects oil demand to fall by 50,000 barrels per day (bbl/d) in 2008 and by 450,000 bbl/d in 2009, the first consecutive two-year fall in world consumption for 30 years.

The report stated: "The status of the global economy has become the most important driver of oil consumption growth and EIA's oil consumption

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