Processing Magazine

OPEC Warns of Weakening Oil Demand

September 9, 2010
The Organization of Petroleum Exporting Countries warned of weakening demand amid signs of an economic slowdown in industrialized nations, reports the Wall Street Journal. In its monthly report, OPEC said world oil-demand growth in 2010 would remain at one million barrels a day, and echoed concerns by the Organization for Economic Cooperation and Development that a slowdown in global economic activity would be steeper than anticipated. "The present economic condition in most developed countries is discouraging," OPEC said in its report. OPEC said oil demand in Western Europe would fall by 260,000 barrels a day in the third quarter compared with the same period last year and by 150,000 barrels a day in the fourth quarter.