OPEC March oil demand weaker, cuts 2007 call by 120,000 bpd

Despite an uptick in its view of global economic growth this year, the Organisation of Petroleum Exporting Countries (OPEC) is now expecting overall lower demand in 2007, the Middle East Economic Survey reported Monday.

The Cyprus-based weekly said that OPEC has pegged back the expected call on its crude by 120,000 bpd to 30.28 million bpd this year. The change in the output ceiling was based on higher output by non-OPEC producers and lower overall global demand.

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