Wednesday, December 10, 2008

Global demand for oil to plummet

Global demand for oil to plummet

By Javier Blas in London and Krishna Guha in Washington
Tuesday Dec 9 2008 15:15
Global oil demand will collapse next year and commodities will not return to the highs they reached this summer in the foreseeable future, two authoritative reports said on Tuesday as they forecast a long and painful worldwide recession.

The stark conclusions came as the World Bank's chief economist predicted that the world faced "the worst recession since the Great Depression".

The US energy department said global oil demand will fall this year and next, marking the first two consecutive years' decline in 30 years.

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