OPEC sees oil demand growth slowing in 2008, 2009

OPEC on Tuesday cut its forecast for global oil demand growth in 2008 for a fourth time this year and said consumption would slow in 2009, signalling a more comfortable supply and demand balance.
The 13-member group, source of two in every five barrels of oil, also said the need for its oil in 2009 would post the first significant decline since 2002 due to slower world demand and rising supply from non-member countries.
“Market fundamentals have clearly been softening,” OPEC said in its Monthly Oil Market for July. “This trend in fundamentals is expected to continue — and even gather pace — into the coming year.”
OPEC’s outlook adds to evidence that record-high oil prices are slowing demand in the industrialised world and follows other forecasts that a strain on supplies may ease in 2009. Oil hit a record $147.27 a barrel last week.

Guardian