IEA sees global oil demand falling

PARIS: The International Energy Agency on Thursday said it expected global oil demand to fall this year for the first time since 1983 as the world economic slowdown bites.

"Global oil demand is now expected to contract in 2008 for the first time since 1983, shrinking by 0.2 million barrels per day, with the total (daily demand) this year revised down by 350,000 bpd to 85.8 million bpd," the IEA said in its latest oil market report.