OPEC cuts estimate for long-term world oil demand

OPEC on Thursday cut its estimate for world oil demand over the next two decades, predicting that high prices would compel consumer countries to be more efficient in their use of the precious commodity.

In its annual World Oil Outlook, released on Thursday, the the Organisation of Petroleum Exporting Countries, forecast that world oil demand would amount to 113.3 million barrels per day (bpd) in 2030. That is lower than the cartel’s previous forecast of 117.6 million bpd published a year ago.

ChannelNewsAsia