OPEC Cuts Oil Demand Forecast, March Production Drops

- April 10th, 2013

Bloomberg reported that OPEC lowered its forecast for global oil demand growth to 800,000 bpd after a drop in crude production in March.

Bloomberg reported that OPEC lowered its forecast for global oil demand growth to 800,000 bpd after a drop in crude production in March.

As quoted in the market news:

Worldwide oil consumption will rise this year by 800,000 barrels a day, or 0.9 percent, revised down from 840,000 last month, the Organization of Petroleum Exporting Countries said in its Monthly Oil Market Report today. Demand will rise to 89.66 million barrels a day in 2013 versus 88.87 million last year, OPEC estimated. The group’s output fell in March as Nigeria, Iran and Kuwait pumped less.

Click here to read the full Bloomberg report.

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