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Business Briefing / Crude Oil

Forecast reflects drop in demand

July 09, 2009|TIMES WIRE REPORTS

Demand for OPEC crude has fallen so sharply because of the world recession that it will take four years to recover to 2008 levels, the 12-nation oil producers' organization predicted.

The forecast was one of several profiled by the Organization of the Petroleum Exporting Countries in its oil supply and demand outlook to 2030, reflecting the deep crimp in the world's appetite.

In its annual report, the organization said the world would need 87.9 million barrels of crude a day by 2013 -- nearly 6 million barrels less than previously expected.

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