Opec Lowers Oil Demand Growth Estimate Owing to High Prices
Posted on: Wednesday, 21 September 2005, 12:00 CDT
Opec lowered its oil demand growth estimate in mid Sep 2005 owing to the high oil prices. Opec now expects that in 2005 the demand for oil will increase by 1.4 mil barrels/d to 83.49 mil barrels/d
. This means that its growth will slow down to 1.7%. In Jul 2005 Opec estimated the average demand for oil to rise by 1.62 mil barrels/d in 2005. On 15 Sep 2005 Opec published an estimate expecting that hurricane Katrina alone will decrease the world's oil consumption by 200,000 barrels/d in Sep and Oct 2005.Source: Access Czech Republic Business Bulletin
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