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OPEC Cuts 2012 Oil Demand Growth Forecast By 100,000 Barrels

  • OPEC has revised down its oil demand growth forecast for next year as planned austerity measures in developed countries risk denting consumption in India and China, suggesting the organisation sees a comfortable global balance as it meets in Vienna. It revised down its forecast for 2012 demand growth by 100,000 barrels per day (bpd) to 1.1 million bpd, amid downside risks related to a slowdown in countries belonging to the Organisation of Economic Co-operation and Development (OECD).
  • "Planned austerity measures, not only in the euro zone but also in other OECD economies; the slow-down in developing economies, particularly China and India; and the still weak economic situation in the United States are factors that warrant particular attention as downside risks," the OPEC said in its monthly oil report. "With the slowing pace of economic growth, manufacturing activities and trade are expected to be affected worldwide."

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