| Kippreport.com

Opec sees further fall in oil demand

August 11, 2009 7:27 by Aarti Nagraj

The slow recovery of world oil consumption along with an increase in competing oil suppliers will reduce demand for crude oil from the Organization of the Petroleum Exporting Countries (Opec) next year, reports Reuters. Demand for Opec crude oil will average 27.97 million barrels per day (bpd) next year, down 480,000 bpd from 2009, Opec said in its Oil Market Report.

Oil prices have increased to around $70 a barrel, but Opec is still cautious. “If market expectations for an economic recovery are not fully realized, current price levels could face increasing pressure,” it said.

Tags: 2009, oil prices, opec