The Organization of Petroleum Exporting Countries
on Thursday made additional downward revisions to global oil demand in 2009 and
hinted it may still have to cut even more production if economic activity and
crude prices continue to stumble.
"The considerable uncertainty about the course of the (economic) recovery
implies the potential for further deterioration in world oil demand growth this
year," OPEC said in its monthly oil market report for January.
The group shaved about 30,000 barrels a day off its 2009 world crude demand
forecast from its previous report, pegging total consumption at 85.66 million
barrels a day, down 180,000 barrels a day, or less than 1%, from 2008.
The latest forecast comes as the 12-nation producer group struggles to halt
falling oil prices with many traders currently betting that weakening economic
activity and oil demand may outpace OPEC members' capacity to remove enough
barrels quickly enough from the market to stabilize prices.