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Commodities Briefing - Categorized | Market Moves, Oil more

OPEC cuts global oil demand forecast, sees U.S. growing 1.8pct in 2012

Posted on 12 October 2011

Estimates for crude oil demand in 2011 and 2012 were once again downgraded by the world’s largest oil cartel, the Organization of Petroleum Producing Countries (OPEC). In their latest oil market report, OPEC lowered its forecasts for the global economy and the U.S., while they expect softness in 2012 oil demand to outpace the slowdown in supplies, putting further pressure on prices.
Global oil demand in 2011 will average 87.7 million barrels per day, OPEC announced Tuesday, up 0.88 million barrels per day from previous estimates, which had already suffered various downward revisions……………………………………….Full Article: Source


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