Oil demand drops in line with world growth

Global oil demand will grow less this year than previously thought, OPEC revealed today. The Organisation of the Petroleum Exporting Countries said output would fall below previous estimations as world […]

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By Tom Gibson

Global oil demand will grow less this year than previously thought, OPEC revealed today. The Organisation of the Petroleum Exporting Countries said output would fall below previous estimations as world growth falls and the Eurozone debt crisis continues.

World economic growth was revised down to 3.4% in 2012 compared to 3.6% in 2011 and OPEC say that has had a negative impact on international demand.

The organisation revised oil demand growth in 2012 down by 120,000 barrels a day to 940,000 b/d as high retail petroleum prices have led to a further reduction in transport fuel usage.