OPEC has announced that the forecast for world oil growth in 2009 has been revised down by 200,000 barrels per day (bpd) to currently stand at 1.6 million bpd.
In the 12-nation oil cartel’s monthly report the continuing deterioration of the world economy was blamed for the revision. OPEC also announced that global oil demand growth reached record lows in the first quarter of 2009, declining to -2.4 million bpd. The report also stated that 95% of the decline came from OECD countries.
In 2009 the demand for OPEC crude is expected to average 28.8 million bpd, a decline of 2.2 million bpd for the corresponding period of last year.
The report also said that the reason for the recent recovery in oil prices was due to an influx into energy futures due to the weakening dollar and equity market fluctuations rather than an increase in oil demand.Â
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