OPEC cuts forecast for world oil demand

OPEC cuts forecast for world oil demand
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The latest monthly report from the Organisation of Petroleum Exporting Countries (OPEC) is out.

In it, OPEC lowers its forecast for world oil demand for the fourth quarter of 2013 and into 2014.

Despite huge falls in Iraqi and Libyan output, OPEC says it is currently producing more than next year’s needs. It may struggle in 2014, as rival producers may make lowering production desirable to bolster the price of a barrel of oil.

If it carries on pumping at its present rate OPEC is likely to see falling prices, something it has repeatedly said it is against.

While demand is picking up in Europe and the US, sluggish sales elsewhere are more than offsetting that.

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