BUSINESS BRIEFING / ENERGY
Times Wire Reports
The International Energy Agency expects global oil demand to plunge by 2.4 million barrels a day this year, about the same amount that Iraq produces, as the economic slump reduces consumption to the lowest since 2004.
The Paris-based advisor to 28 nations cut its 2009 forecast for an eighth consecutive month, lowering it to 83.4 million barrels a day, or 2.8% less than last year. The IEA also said supplies from outside OPEC would drop this year.
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