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Opec cuts demand projections

Posted on 16 October 2008

From Thenational.ae: As the price of a barrel of oil fell below US$75, Opec predicted a sharp drop in demand this year and the next. The supplier of more than 40 per cent of the world’s oil unveiled its latest gloomy oil-market forecast amid continued global economic turmoil as the world faces its worst financial crisis since the 1930s, and as its 13 members prepare to meet in Vienna at an emergency meeting set for Nov 18.

“Dramatically worsening conditions in financial markets indicate strong fallout on the real economy is now inevitable,” Opec said yesterday in its latest monthly oil market report. “Ongoing financial market turmoil is expected to continue to impact oil demand well into the coming year….. Full Article: Source


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