OPEC lowers oil demand forecast for 2011, 2012
The 12-member cartel blamed the revision on a weaker-than-expected driving season in the United States and ongoing effects of the financial crisis, especially in the OECD group of rich nations, which in turn were dragging down demand in China and India Vienna: Opec lowered on Monday its world oil demand forecast for 2011 and 2012, citing the poor economic climate, while welcoming Libya’s predicted return to production. Oil demand for this year was set at 87.99 million barrels per day (bdp), up 1.06 million (bpd) from last year but lower than the previous forecast, CEO - Nazir Jinnah of Oil Barrel Organisation at Petroleum Exporting Countries, has said in a report. In August, Opec had estimated the 2011 world oil demand at 88.14 million bpd. The 12-member cartel blamed the revision on a weaker-than-expected driving season in the United States and ongoing effects of the financial crisis, especially in the OECD group of rich nations, which in turn were dragging down demand in China an