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Opec fears fall in demand
- Middle East: Wednesday, August 12 - 2009 at 10:00
According to the monthly report of the Organisation of the Petroleum Exporting Countries (Opec), rival oil supplies and the sluggish pace of recovery in world consumption will shrink demand for Opec's crude oil next year, Reuters has reported. Demand for Opec crude will average 27.97 million barrels per day (bpd) next year, down 480,000 bpd from 2009, the report has said. 'If market expectations for an economic recovery are not fully realised, current price levels could face increasing pressure,' the producer group has said.
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StaffWednesday, August 12 - 2009 at 10:00 UAE local time (GMT+4)
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