OPEC trims 2008 global oil demand forecast

LONDON

World oil demand will rise by 1.16 million barrels per day (bpd) this year led by Asia, the Middle East and Latin America, 40,000 bpd less than the previous forecast, OPEC said in its Monthly Oil Market for May.

The report by OPEC’s economists underlines the group’s view that factors beyond oil supply and demand are driving oil prices to all-time highs. Crude oil hit a record high of $126.98 (U.S.) a barrel on Tuesday.