OPEC cuts oil demand forecast
OPEC has cut its world oil demand growth forecast for 2008 to 1.02 per cent from 1.17 per cent in the face of falling demand in the United States, the world's biggest energy consumer.
OPEC last week cut its forecast for global oil demand growth in 2008 for a fourth time this year and said consumption would slow in 2009, signalling a more comfortable supply and demand balance.