OPEC SLASHES OIL DEMAND FORECAST

GLOBAL economic turmoil is reducing demand for oil, the Organisation of Petroleum Producing Countries’ (Opec) monthly report revealed yesterday. OPEC has cut demand growth forecasts for 2011 from 1.19m more barrels per day to 880,000. That brings total output to 87.81m barrels, up from 86.93m in 2010. Weak Eurozone and US economies were blamed, as well as Chinese policies to curb fuel consumption.