OPEC CUTS OIL DEMAND FORECAST TO LOWEST IN A DECADE (Reuters)
“Global demand for OPEC crude in 2015 is expected to fall
to the lowest level in more than a decade and far below current output, the
group [OPEC] said on Wednesday, pointing to a hefty supply surplus without OPEC
output cuts or a slowdown in the U.S. shale boom…Next year's average demand for OPEC crude is expected to be the lowest
since 28.15 million bpd in 2004, using the December reports published on OPEC's
web site each year as a comparison.” Story at…
http://www.reuters.com/article/2014/12/10/us-opec-oil-forecast-idUSKBN0JO15W20141210
My cmt: There is fear now that this predicts a world-wide
economic slowdown. This is a demand forecast and has nothing to do
with the current glut of oil due to oversupply. If demand is down it suggest economies
are slowing.
