OPEC revises down global oil demand for 2008

The Organization of Petroleum Exporting Countries (OPEC) has revised down global oil demand to 86.81 million barrels per day for this year, 90,000 barrels lower than its forecast in June.

 This is the fourth time OPEC has lowered its global oil demand forecast for this year. In its latest monthly report published Tuesday, the Vienna-based cartel also forecasted a daily demand rise of 0.9 million barrels in 2009, which represents a decline of0.1 million barrels from estimated growth in 2008.

The report said demand for OPEC crude oil in 2008 would average32 million bpd and, and in 2009, average demand would further decrease to 31.2 million bpd.

OPEC monthly oil prices reached a record high of 128 U.S. dollars per barrel in June, 7.5 percent higher than the previous month, mainly due to rising Middle East tensions, financial market speculations, supply concerns over a storm threat in the Gulf of Mexico and the continued fluctuation of the dollar, OPEC said.

Iran, the second-largest oil producer of OPEC, started testing long-distance missiles last Wednesday, deepening global concerns about the future stable supply of OPEC oil.

U.S. Federal Reserve Chairman Ben Bernanke said Tuesday the devaluation of the U.S. dollar to a certain extent pushed up oil prices.

Experts said the latest OPEC report indicated the cartel still sees no need to increase output in the short run.