The potential impact of the deteriorating global economy on freight rates is at the forefront of owners'and brokers'thoughts these days. And as the financial meltdown has hit not only developed, but also developing economies, oil demand is under significant threat. The International Energy Agency announced a second major downgrade to global oil demand in November, reducing volumes in 2008 to 86.2M bpd. It also cut its 2009 demand forecast to 86.5M bpd. In outright numbers, IEA's estimates imply that world oil demand is set to grow by only 120,000bpd this year and by 350,000bpd next year.
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