Global oil demand forecast cut again


The dichotomy between oil demand and oil's price continues. The International Energy Agency cut its global oil demand outlook for the eighth straight month in May, due to the U.S. and global recessions.

The IEA now expects daily global oil demand to total 83.2 million barrels per day (bpd), down 230,000 bpd from its April estimate. What's more, the IEA predicts 2009 global oil demand will fall three percent -- the most since 1981.