The International Energy Agency ( IEA ) , the Paris - based energy watchdog , cut its forecast for global oil consumption next year by 0 . 5 percent due to a widening economic downturn , reported Bloomberg on Friday . Oil prices dropped more than 10 percent on Friday , touched a 13 - month low , thus it raised concerns of a worsening financial crisis and possibilities for further slumping energy demand . The IEA cut its 2009 forecast for oil demand by 440 , 000 barrels per day to 87 . 2 million barrels a day , citing a weaker economic outlook from the International Monetary Fund . The IEA said that tightening credit and equity markets are one of the factors that will slow the pace of investment . Although prices for commodities soared in the first half of the year , with crude oil prices peaking above $ 147 a barrel in July , the financial crisis eventually pushed prices down , reported NYT . Bloomberg reported that crude oil in New York dropped 17 percent this week , the biggest one - week decline since March 2003 , and prices have dropped 47 percent from their July peak . [ JYJ ] [ ⓒ Maeil Business Newspaper & mk . co . kr , All rights reserved ]