13 Sep 2011OPEC cut its forecast for global oil demand growth next year because of a worsening economic outlook and said a disappointing economic performance in top consumer the United States could further weigh on fuel use.
The Organization of the Petroleum Exporting Countries, in a monthly report on Monday, also said concerns were easing about a tight oil market in the fourth quarter of the year and that it expected Libyan oil output to return to full capacity in less than 18 months, more quickly than some estimates.
“Looking ahead, the perception of market tightness and worries of supply shortages in the fourth quarter appear to be easing,” the report said.
http://www.iol.co.za/business/markets/commodities/opec-cuts-oil-demand-forecasts-1.1135758
