OPEC, Like IEA, Cuts Oil Demand Outlook

OPEC, the international oil cartel which is based in Vienna, trimmed its forecast Wednesday for this year’s growth in world demand for crude oil.

The Organization of Petroleum Exporting Countries pegged global oil demand growth at 1.4 million barrels per day or 1.7 percent to total 84.6 million barrels per day.

That’s a 60,000-barrel-per-day reduction from OPEC’s last worldwide growth forecast.

High oil prices have contributed to a slowing of incremental demand mainly in the developed countries, especially for those countries where product subsidies have been reduced, OPEC said in a statement.