The International Energy Agency on Friday lowered its estimate for global oil demand in 2009 as the crisis curbs demand in the United States, Russia and China.

The agency said demand would drop for a second consecutive year for the first time since 1982-1983.

In its closely watched monthly survey, the IEA cut its forecast for demand this year by 270,000 barrels a day to 84.4 million barrels a day — 1.5 percent lower than a year earlier.

The Paris-based agency said demand for oil last year was estimated to have slid 0.4 percent to 85.7 million barrels a day.

To put that into some kind of concrete yet still unimaginably large and therefore abstract terms, the IEA estimates that the world will consume 270,000 fewer barrels of oil every day. On a related not, a professor at Cambridge University is predicting a 40-50% drop in greenhouse gas emissions due to the global economic downturn.” reports GreenDaily.com

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