Day Traders can expect lower demand for Crude Oil through 2012

Eric Watkins

OGJ Oil Diplomacy Editor

LOS ANGELES, July 12 — Members of the Organization of Petroleum Exporting Countries said a fragile global economy is likely to hold the rise in oil demand to 1.32 million b/d in 2012, about 3% lower than this year.

“World oil demand is forecast to grow by 1.36 million b/d in 2011, slightly lower than in the previous report, as the unsteady global economy has added risks to the forecast,” OPEC said.

OPEC said demand for oil from its members this year is estimated at 30 million b/d, about 100,000 b/d higher than in the previous report, indicating a rise of 400,000 b/d over the previous year.

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