OPEC cuts oil production and demand outlook

OPEC cut its forecast Monday for global oil demand and production, citing the slowing economic recovery.

In a monthly report, the Organization of Petroleum Exporting Countries said it expected demand to drop to 1.1 million barrels per day worldwide. That's a reduction of 150,000 barrels per day from its earlier forecasts.

OPEC also trimmed back its oil production outlook, saying it still expects output to increase, but by a slightly smaller 500,000 barrels per day in 2011 -- 80,000 barrels below its prior forecast.

"The downward adjustment has been due to a weaker-than-expected driving season in the US and the ongoing sluggish economic performance in the OECD," said the report, referring to an organization of 32 member nations that includes the United States., the United Kingdom, Germany and Japan.

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- Posted: 2011-09-12 13:55:54

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