OPEC trims 2014 oil demand growth forecast

GMT 18:37 2014 Friday ,08 August

Arab Today, arab today OPEC trims 2014 oil demand growth forecast

OPEC oil cartel trims
Vienna - AFP

The OPEC oil cartel trimmed its 2014 forecast for global oil demand growth on Friday after weaker-than-expected economic growth in rich countries in the second quarter and a "fragile" worldwide recovery.
The Organization for Petroleum Exporting Countries said it now expects demand to grow by 1.10 million barrels per day (mbd) to 91.11 mbd, down from a previous projection of 91.13 mbd.
In its new monthly report OPEC, which pumps a third of the world's crude, stuck however to its forecast that demand would grow by 1.12 mbd in 2015 to 92.32 mbd.
It kept unchanged its forecasts for global economic growth of 3.1 percent and 3.4 percent for 2014 and 2015 respectively, saying the "slow and uneven recovery" was continuing.
"The current growth forecast accommodates continued fragility in the global growth development," it said.
This took account of "some uncertainty about the dynamic of US growth, ongoing fragility in the eurozone, Japan aiming for fiscal tightening and also the near-term development in (emerging markets) as well as geo-political developments, will all need close monitoring," it said.


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