- 2009 oil demand forecast fell by 570 kb/d to 84.7 mb/d (million barrels per day). This is 1 mb/d less than in 2008, the biggest drop in 27 years.
- January 2009 oil supply fell by 520kb/d 85.2 mb/d.
- OPEC supply fell in January by 920 kb/d to 29 mb/d
- Q4 2008 storage increased by 170 kb/d due to low refiner runs
- Floating storage is between 50 to 80 mb.
The IEA Expects world consumption to drop to 2006 levels and USA consumption to drop to 1998 levels, or 19 mb/d (2.8% less than in 2008). China oil consumption growth was revised down by only 30 kb/d, for a growth of 0.7%.
Latest oil consumption and supply charts: