This small drop in demand does not dislodge the Saudis from resuming their role as swing producer and price setter when the Masters Inventory Liquidation that began in July has run its course and excess inventories are eliminated:
World oil demand to shrink sharply this year: IEA
by David Sheppard
Jan 16 (Reuters) — World oil demand will contract sharply in 2009 as the global economic slowdown further erodes consumption, the International Energy Agency (IEA) said on Friday.
The Paris-based agency joined the ranks of forecasters predicting a fall in global oil demand this year, revising its previous 2009 estimate by 940,000 barrels per day (bpd) to 85.3 million bpd — a 500,000 bpd year-on-year fall.
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