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OPEC cuts forecast for global oil demand
- Middle East: Saturday, November 10 - 2012 at 04:47
Opec has cut its medium-term global oil demand forecast due to the impact of euro zone debt crisis and the economic weakness, Xinhua has reported. The group lowered its forecast for global oil demand in 2016 to 92.9 million barrels per day, a cut of over one million barrels per day from last year's report. It also issued its long-term oil demand forecast in the report, which predicted the global oil demand would hit 107.3 million barrels per day by 2035, 2.4 million barrels per day lower than previous forecast. Moreover, the Opec annual World Oil Outlook report acknowledged, for the first time, that technology for extracting oil and gas from shale might significantly change the global oil supply geographically.
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