OPEC lowers its forecast for world oil demand growth

The Organisation of Petroleum Exporting Countries (OPEC) in its latest monthly report has lowered its forecast for 2009 world oil demand to 0.9 million barrels a day (b/d), that is 1.00 per cent, compared with 1.03 per cent, as was the previous estimate.

Oil consumption next year OPEC forecasts will average 87.7 million b/d. The basic reason for the lowering of the forecast is falling demand in the United States which is the largest consumer in the world
The oil cartel expects that all the additional demand will come from non-OECD countries, while demand form industrial countries will decline. OPEC also cut its oil demand forecast this year by 120.000 b/d.

Economic Times