Taking cues from the slashed GDP figures from the IMF on global growth which is expected to be just 0.5%. Developing nations have significantly slowed their demand for oil, and according to Bloomberg, the IEA described Asia and Russia as "particularly grim."
The IEA did not change it's 2008 demand estimate, which was down 0.4% compared to 2007. If this estimate holds and demand drops again for 2008, it will be the first time the world has experienced back to back years of oil decline since 1982/83.
