The International Energy Agency (IEA) has downwardly adjusted its projection for global demand for oil during 2008, it has been reported.
Latest monthly reports from the Paris-based agency predict that demand will dip 1.9 per cent from 2007.
This equates to around 87.6 million barrels per day and is a drop of 200,000 barrels per day from last month's projected figure, marketwatch.com reports.
The latest projections from the IEA take into account downbeat growth expectations for the US economy and the GDP of a number of other developed countries which were recently revealed by the International Monetary Fund.
IEA's report said that demand will still be strong from developing economies, but nonetheless conceded that the current economic downturn could dictate the direction for oil demand "over the next few years: depending on how deep it is and how long it lasts".
