Nicosia, Sept 18 : The Organisation of Petroleum Exporting Countries (OPEC) in its latest monthly report has lowered its forecast for 2009 world oil demand to 0.9 million barrels a day (b/d), that is 1.00 per cent, compared with 1.03 per cent, as was the previous estimate.
Oil consumption next year OPEC forecasts will average 87.7 million b/d. The basic reason for the lowering of the forecast is falling demand in the United States which is the largest consumer in the world
The oil cartel expects that all the additional demand will come from non-OECD countries, while demand form industrial countries will decline. OPEC also cut its oil demand forecast this year by 120.000 b/d.
"Jet fuel has been declining by more than 3.5 per cent in the US, and Europe's annual growth is expected to lose one third of its forecast in the near future," OPEC monthly report said.
It should be noted that OPEC's basket price currently is around a barrel, a 30 per cent fall from its record high of 1 at the beginning of July.