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Commodities Briefing - Categorized | Market Moves, Oil more

OPEC cuts demand forecast for its crude

Posted on 11 September 2013

OPEC has maintained its forecast for 1.04 million-barrel daily demand growth next year, but further cut its expectations for its own oil amid expanding non-OPEC supplies. The organisation said it expected demand for its crude to fall by 320,000 barrels per day in 2014 at 29.61 million barrels, having last month predicted a drop of 260,000 barrels.
OPEC’s predicted demand for its crude this year is unchanged at 29.9 million barrels, a fall of half a million on 2012. Overall demand is expected to rise by around 820,000 barrels this year, with OPEC adding 25,000 barrels to its prediction based on actual first-half demand………………………………………..Full Article: Source


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