OPEC reduced expectations for oil demand growth due to weak economy

OPEC lowered its expectations for growth in world demand for oil in 2008 for the sixth time this year in the latest indication that the slowing economy reduces energy consumption.

The monthly report of the oil market for September showed that the demand will increase by 880 thousand barrels a day this year no less by about 120 thousand barrels from earlier forecasts, and left the Organization forecasts global consumption growth in 2009 unchanged. The expected increase by 870 thousand barrels a day,
OPEC expected that lower production will increase in non-OPEC member this year and next year, and reduced expectations of supplies from outside OPEC in 2008 to approximately 70 thousand barrels per day to 49.94 million barrels a day
The lowered expectations next year by about 140 thousand barrels to 50.81 million barrels a day, with the result stated that the demand for OPEC crude will reach 32 million barrels per day in 2008, on average, less than the production organization in August, which amounted to 32.5 million barrels a day.