IEA cuts 2009 oil demand estimate by 300,000 barrels a day

The International Energy Agency on Friday revised down its forecast for 2009 global oil demand by around 300,000 barrels a day to 84.4 million barrels a day, or a roughly 1.5% fall year-on-year, on a reassessment of demand prospects. The IEA also cuts its forecast for non-OPEC supply growth by 380,000 barrels a day for 2009, following a reappraisal of ongoing problems at Azerbaijan's ACG fields