Kate Mackenzie Oil demand forecast revisions, illustrated

Confused by those regularly-revised oil demand forecasts from the IEA, EIA, and Opec?

JBC Energy has produced a nifty chart showing how much more pessimistic forecasts became for the whole of 2009 over the past year – and how the upward revisions in the past couple of months, all things considered, are pretty small beer. The IEA’s forecast, meanwhile, went lower than anyone else’s:

JBC Energy

Source: JBC Energy

It’s also interesting to note that everyone was still forecasting 2009 oil consumption would increase until December 2008 and that it was the EIA and Opec who first turned bearish.

Related links:

Is predicting oil demand a mug’s game in 2009? (FT Energy Source, 10/09/09)