Due to a rise in the production from the outside of the group, the Organization of Petroleum Exporting Countries (OPEC) has trimmed the outlook for the demand of its members’ crude in 2011.
OPEC is the organization that is responsible for 40% of the global supplies. The organization has recently stated in its monthly report that by the next year, the world will demand 28.8 million barrels of oil a day from its 12 members. These figures infer that nearly 100,000 barrels a day are less than the report released last month.
But still, on a broader view, the report from OPEC is almost unchanged. Just as the economy is facing a slow-down, the demand for oil will be weak in the industrialized countries. In addition, it has been rather projected that the economic slowdown will worsen further in future, thus growing the concerns of OPEC.
OPEC’s Vienna-Based Secretariat said, “Mexico, Oman and Equatorial Guinea encountered minor upward revisions. 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”.
It has been reported by OPEC that a fall by 260,000 barrels a day is expected to be witnessed in Western