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OPEC lowers its forecast for 2012 oil demand

March 13/2012
(France-Presse) -- The OPEC oil cartel on Friday trimmed its 2012 global oil demand growth forecast for the second time in two months because of worries about developed countries' economies and higher crude prices.

The Organization of Petroleum Ex-porting Countries now expects daily demand this year of 88.63 million barrels
per day, down from its forecast a month ago of 88.76 million bpd, it said in its March monthly report.
This still represents growth compared to 2011, when demand was 87.77 million bpd, according to OPEC figures
that were revised slightly downward.

"The weak pace of growth in the OECD economies is negatively affecting oil demand and imposing a high range
of uncertainty on potential consumption growth," the report said.
"Although U.S. economic data points toward a better performance, the situation in Europe along with higher oil
prices has resulted in considerable uncertainties on the future oil demand for the remainder of the year."

Geopolitical factors, most notably tensions over Iran's nuclear program and speculation of Israeli military action,
sent OPEC's reference basket oil price 5.1 per cent higher in February to USD117.48 per barrel.

The monthly average was the highest since April last year. Solid economic data in the United States and easing worries over the eurozone debt crisis, coupled with speculative activities in oil futures markets, also served to push the price of crude higher, OPEC said.
Author:Anna Larionova
Tags:naphta, oil.
Category:General News
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