Lehman slashes world oil demand growth forecast


	Lehman slashes world oil demand growth forecast

JICWyllie

7-24-2008 2:31 AM

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tags:

energy, oil, i-prices, i-decrease, i-forecast, i-reported

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/a42d5ca2-0188-42c6-80fe-a5573c252ee1/4E64CC95-EDF6-4735-A237-72B456C00843/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://uk.reuters.com/article/marketsNewsUS/idUKN2339695320080723?rpc=401&" href="http://uk.reuters.com/article/marketsNewsUS/idUKN2339695320080723?rpc=401&" style="font-size: 11px;">uk.reuters.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://uk.reuters.com/article/marketsNewsUS/idUKN2339695320080723?rpc=401&"><P> Investment bank Lehman Brothers (LEH.N: <A href="http://uk.reuters.com/stocks/quote?symbol=LEH.N">Quote</A>, <A href="http://uk.reuters.com/stocks/companyProfile?symbol=LEH.N">Profile</A>, <A href="http://uk.reuters.com/stocks/researchReports?symbol=LEH.N">Research</A>) said Wednesday it slashed its forecast for 2008 world oil demand growth due to a steeper-than-expected slowdown in energy consumption in the United States and other OECD countries.<SPAN id="midArticle_byline"></SPAN></P><SPAN id="midArticle_0"></SPAN>
<P>Lehman added it believes the oil market is "approaching a tipping point" with prices expected to decline to an average of $90 a barrel in the first quarter of 2009.</P><SPAN id="midArticle_1"></SPAN>
<P>"We now forecast annual oil demand for 2008 at 86.3 million barrels per day, a growth of 790,000 bpd from 2007. The growth has been revised down from projections of 1.5 million bpd in December," Lehman said in a research note titled 'Demand Demolition'.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://uk.reuters.com/article/marketsNewsUS/idUKN2339695320080723?rpc=401&">Oil prices struck a record over $147 a barrel on July 11 --</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://uk.reuters.com/article/marketsNewsUS/idUKN2339695320080723?rpc=401&">But prices have dropped about $20 since then, the steepest decline in dollar terms in the market's history, amid mounting evidence of a consumption slowdown in the United States and Europe due to economic turmoil and high fuel prices.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/4E64CC95-EDF6-4735-A237-72B456C00843/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>