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OPEC Report Trims 2011 Demand for OPEC Crude Because of External Supply

The Organization of Petroleum Exporting Countries trimmed the outlook for demand for its members’ crude in 2011 as production from outside the group grows.

OPEC, responsible for about 40 percent of global supplies, predicted in a monthly report today that the world will need 28.8 million barrels of oil a day from its 12 members next year. That’s about 100,000 barrels a day less than in last month’s report. The organization left its forecast for global oil demand in 2011 unchanged at 86.56 million barrels a day.

“Mexico, Oman and Equatorial Guinea encountered minor upward revisions,” OPEC’s Vienna-based secretariat said in the report. Global consumption may weaken during the rest of this year because of “the severity of the economic crisis and its prolonged impact on the world economy.”

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