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OPEC expects lower oil demand

03/23/2009
By NINA RACH
A few days before its Mar. 15 meeting in Vienna, the Organization of Petroleum Exporting Countries reduced its latest forecast of 2009 world crude demand by 400,000 b/d for a total loss of 1.01 million b/d to 84.6 million b/d.“The world economy is in a dreadful situation with gross domestic product sliding into the red for the entire year of 2009,” OPEC said. “Consequently, world oil demand is slipping steeply to a record low year-over-year.”In that same period, the International Energy Agency, Paris, projected global oil demand will fall 1.3 million b/d to 84.4 million b/d in 2009, down 300,000 b/d from its previous forecast. At KBC Market Services, a division of ...
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