World Oil Demand Will Increase at Slower Pace in 2012, OPEC Says
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The Organization of Petroleum Exporting Countries forecast world oil demand will grow at a slower pace for a second year in 2012 as consumption declines in Europe and slows in other industrialized nations.
Global demand will average 89.5 million barrels a day in 2012, the group’s Vienna-based secretariat said today in its monthly report, giving its first forecast for next year. That’s up 1.3 million barrels, or 1.5 percent, on this year’s estimate.