LONDON — OPEC on Thursday trimmed its forecast for global growth in oil demand in 2008, the latest sign that record oil prices are slowing consumption in the industrialized world.
The exporter group also cut its estimate for oil supply from non-member countries in 2008, leading to a slight increase in the amount of crude its 13 members need to pump to balance the market.
World oil demand will rise by 1.16 million barrels per day (bpd) this year led by Asia, the Middle East and Latin America, 40,000 bpd less than the previous forecast, OPEC said in its Monthly Oil Market for May.
The report by OPEC's economists underlines the group's view that factors beyond oil supply and demand are driving oil prices to all-time highs. Crude oil hit a record high of $126.98 (U.S.) a barrel on Tuesday.
Globe and Mail
