EIA projects global oil demand will shrink 1.8 million barrels of oil in 2009; oil prices projected at $52 for’09, rising to $58 in ‘10

The Energy Information Administration is projecting that global oil demand will shrink 1.8 million barrels per day in 2009. The forecasted decline has been increased from 1.4 million barrels, as projected in April. The EIA is projecting crude oil prices at $52 per barrel in 2009, rising to $58 per barrel in 2010, down $5 per barrel from the projection released in April.

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