Lehman Lowers Crude Demand Growth Forecast by 47% on U.S. Slump
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Today, Lehman Brothers (NYSE: LEH) issued a report that said it cut its crude demand by 47% on account of the U.S. slump. Lehman lowered its initial forecasts because of declining US oil consumption and slowing world economies.
Lehman said oil demand may grow by 790,000 barrels a day this year compared with an estimate of 1.5 million barrels a day made at the beginning of the year. The International Energy Agency has already reduced its forecast to 1.03 million from 2.11 million barrels a day.
The report said China and India continued to consume more oil driven by electricity shortages and fuel substitution.
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Lehman Bros are idiots
Eric on Aug 8, 2008 04:41 PMThis is the same company that, today 8/8/08, said oil prices will be above $93 for 'quite some time' after reaching a record. They must write these stories weeks in advance and publish them when the market moves in the direction they want. Nobody knows what's really going to happen--and these idiots even less so because they have a new prediction every week.