Oil demand forecasts for 2008 and 2009 were trimmed by 240 thousand barrels/ day (Mbpd) and 440 Mbpd, respectively, given weaker OECD deliveries and the International Monetary Fund's downward revisions to 2009 global GDP assumptions. World oil demand is expected to average 86.5 million barrels/ day (MMbpd) in 2008 (up 0.5% or 0.4 MMbpd vs. 2007) and 87.2 MMbpd in 2009 (up 0.8% or 0.7 MMbpd), according to the International Energy Agency's October report (www.iea.org).
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