OPEC Shaves Demand Outlook

OPEC Tuesday trimmed its global oil demand growth forecast for 2011 and warned it could cut the outlook further, signaling that mounting economic woes are biting into the world's crude consumption.

In its monthly report, the Organization of Petroleum Exporting Countries reduced the global demand growth forecast for this year by 150,000 barrels of oil a day—the deepest such cut this year—on a downgrade in its U.S. economic growth outlook and weakening Chinese prospects.

"Dark clouds over the economy are already impacting the market's direction," OPEC said. "The potential for consequent deterioration in market stability requires higher vigilance and close monitoring of developments over the coming months."

Global oil demand will still rise by 1.2 million barrels a day, and the downgrade represents only a fraction of the 88.14 million barrels a day OPEC expects to be consumed this year worldwide.

Read Full Article from Wall Street Journal

- Posted: 2011-08-09 10:44:22

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