OPEC Cuts Oil Demand Forecast on Growth Concerns

The Associated Press reported that OPEC revised its forecast for global oil demand for 2012 on expectation that consumption would remain weak in 2012.

The market news is quoted as saying:

The 12-nation group that supplies about a third of the world’s crude oil slashed its global oil demand forecast by 150,000 barrels per day for 2011 and by 40,000 barrels per day for 2012, saying “turbulence in world economic recovery has resulted in considerable uncertainty for demand growth next year.”

OPEC said in its September monthly oil market report,

“Uncertainties in the oil market are increasing at a time when the recovery of the global economy is losing momentum and is becoming less evident,”

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