Due to concerns of economic uncertainty, the Organization of the Petroleum Exporting Countries (OPEC) Tuesday again cut its global oil demand forecast for 2011 and 2012.
OPEC's revised forecast said that the global crude oil demand this year will still rise by 880,000 barrels per day to the 87.81 million barrels per day, which is lower than the previous monthly forecast of 87.99 million barrels per day.
For 2012, global demand growth was estimated to increase by 100,000 barrels per day to 89.01 million barrels, revising from the previous monthly forecast standing at 89.26 million barrels per day.
According to OPEC forecast, the non-OPEC countries will increase their oil supply by an average of only 0.35 million barrels per day to 52.63 million barrels per day this year. This is also a downward revision from the previous month's forecast of 52.79 million barrels per day.
OPEC kept the growth forecast of its own crude oil demand unchanged for 2011 compared to the previous monthly report. However, its oil demand outlook for 2012 was cut by 100,000 barrels per day to 29.9 million barrels per day compared to 2011./.