The Organization of Petroleum Exporting Countries has announced a cut in its estimate for growth in oil demand
The Organization of Petroleum Exporting Countries has announced a cut in its estimate for growth in oil demand in 2005 from 2.0 percent to 1.9 percent.
OPEC said in a monthly report that the daily global oil demand in 2005 would be 83.6 million barrels, an increase of 1.58 million barrels from 2004.
The report attributed the reduced forecast to a lower-than-expected consumption in the countries like the United States.
OPEC added that the United States and China would continue the pace of strong development.
Due to a positive forecast of the world economy, the report forecasts the daily oil demand worldwide in 2006 will be 85.2 million barrels, 1.6 million barrels more than that of this year.
