As a leading compiler of information relating to oil, the release of the IEA’s Oil Market Report around the middle of each month always draws much attention.  This month the Agency concludes that it does not see any sign of a recovery in demand and that the oil market fundamentals remain weak.  Demand for 2009 was lowered by a relatively small 200,000 b/d to 83.2 million b/d which is 2.6 million b/d below 2008 production.

While the IEA sees the drop in worldwide consumption beginning to taper off, it does not foresee a rebound in demand until next year.