oil demand declining

I realise that demand goes up and demmand declines. Just wish it would increase as soon as possible.

http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6283111.ece


Global demand for oil is continuing to slide as the economy contracts, the Opec producers’ cartel said yesterday. The Organisation of Petroleum Exporting Countries, which pumps about a third of the world’s crude oil, said that it expected consumption to fall by 1.57 million barrels a day this year to an average of 84.03 million barrels.

Its previous forecast had been for demand to shrink by 1.37 million barrels. Virtually all the decline – about 95 per cent – is expected to come from reduced demand in the 30 developed countries of the Organisation for Economic Cooperation and Development, which includes Britain, the United States, Japan, Germany and France.

However, the global economic slowdown has also acted as a brake on demand in developing countries, such as China and India.

The price of oil has plummeted over the past year but has been edging higher again in recent weeks. Last July the price hit a record high of $147 a barrel, but by December had fallen to less than $35 amid an intensifying global recession.