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OPEC Cuts Forecast For Oil Demand

Officials at the Organization of Petroleum Exporting Counties say global demand for oil will decline next year by more than half a million barrels per day.

That would put demand for oil at just over 86.5 million barrels a day. It is the third time OPEC has cut its forecast for oil demand recently as the world economy slows and energy needs ease.

Falling demand has cut oil prices by around two-thirds from a high above $147 a barrel last July to the current price of around $55. OPEC member nations have scheduled a meeting for November 29 in Egypt when they are expected to consider cutting oil production in a bid to bolster prices.

But a production cut back in October has not yet stopped the price decline.

Oil prices fell Monday following word that Japan has fallen into recession, cutting energy demand by the world's second-largest economy. But word that pirates have hijacked a Saudi-owned oil tanker off the of Kenya boosted prices for a while on worries about supplies.

Some information for this report was provided by AFP and Reuters.

OPEC daily basket price stood at $46.55 a barrel Tuesday, 18/11/08

Vienna, 19 November 08 (OPEC)--The price of OPEC basket of thirteen crudes stood at 46.55 dollars a barrel on Tuesday, compared with $47.96 the previous day, according to OPEC Secretariat calculations.

The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).

... Payvand News - 11/19/08 ... --

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