Downturn prompts first oil-demand contraction since the 1980s

12/10/2008 | NYTimes.com

The U.S. Energy Information Administration on Tuesday predicted that global demand for oil will drop by 50,000 barrels per day in 2008 and 450,000 barrels per day next year, marking the first demand drops since the early 1980s. "The current global economic slowdown is now projected to be more severe and longer ... leading to further reductions of global energy demand and additional declines in crude oil and other energy prices," the report said.

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