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Oil Demand in August Revised Down 4.8 Percent

Reuters
Thursday, 30 Oct 2008 | 3:48 PM ET

U.S. oil demand in August was 975,000 barrels per day less than previously estimated and down 1.758 million bpd from a year earlier, with petroleum consumption at the lowest level for any month since December 2001, the Energy Information Administration said on Thursday.

U.S. oil demand in August was revised down by 4.8 percent from the EIA's early estimate of 20.242 million bpd to the agency's final demand number of 19.267 million bpd, and was 8.4 percent less than demand of 21.025 million bpd a year earlier.

The final numbers were included in the EIA's monthly petroleum supply report and always differ from the initial estimates in the agency's weekly petroleum report.

The monthly report reflects information on petroleum products supplied from all U.S. energy companies, while the weekly report surveys the biggest companies that represent about 90 percent of the market.

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