OPEC Cuts 06 World Oil Demand Growth By 110,000 B/D

Citing lower consumption in the U.S. and Asia, the Organization of Petroleum Exporting Countries Friday trimmed its forecast for global oil demand growth in 2006 by 110,000 barrels a day.

“Global oil demand growth for the present year has been revised down to account for a persistent year-on-year contraction in U.S. demand during January and February as well as a more pessimistic view of growth in non-OECD Asia,” OPEC said in its monthly oil market report.

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