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OPEC Sees Oil Demand Falling More Than Expected

Tuesday, 11 Aug 2009 08:16 AM

World demand for OPEC's oil will fall further than previously expected next year due to higher supplies from non-member countries and slow economic recovery, the producer group said on Tuesday.

Demand for OPEC crude will average 27.97 million barrels per day (bpd), down 480,000 bpd from 2009, the Organization of the Petroleum Exporting Countries said in a monthly report. It previously expected a fall of 380,000 bpd.

OPEC said supplies from non-OPEC countries would rise by 430,000 bpd in 2010, supported by higher output from Russia and revisions to historical data. The increase is 100,000 bpd more than previously forecast.

The group left its forecasts for world oil demand unchanged from last month with consumption expected to fall 1.65 million bpd in 2009 before rising by 500,000 bpd in 2010.

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World demand for OPEC's oil will fall further than previously expected next year due to higher supplies from non-member countries and slow economic recovery, the producer group said on Tuesday.Demand for OPEC crude will average 27.97 million barrels per day (bpd), down...
oil
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2009-16-11
Tuesday, 11 Aug 2009 08:16 AM
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