/ 15 February 2008

Opec lowers oil-demand projections for 2008

The Organisation of the Petroleum Exporting Countries (Opec) on Friday lowered its projections for growth of oil demand this year in response to a slowdown in world economic momentum.

Opec, in its February report, said demand would likely grow by 1,43% this year rather than its previously estimated 1,52%.

“Risks to the world economy have increased considerably in January on mounting evidence of a slowdown in the United States economy, fuelling fears of an outright recession with uncertain repercussions for the rest of the world,” the report said. — AFP