The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report that world oil demand in 2009 was expected to decline 1.63% on the yearly record to be 84.31 million barrels per day. The report said that recovery in the world economy may boost demand to rise 0.9% reaching 85.07 barrels per day.

OPEC said in its report that the world economy may shrink 1.1% this year before it expand 2.9% during next year and the most of expansion will be coming from Asian countries that is recovering from recession such as China and India. However, OPEC expected demand for oil to incline 3.7% in China next year and 3.34% in the Middle East, while oil demand may decline 1.25% in Europe.