Faster decline is seen in demand for OPEC oil
Worldwide demand and dependence on OPEC oil will decrease more rapidly than originally thought, forecasters predict."A combination of slumping demand for oil worldwide, plus the slow but steady increase in production outside OPEC, seems to be trimming the world need for OPEC oil much faster than anyone predicted just a few years ago," Petroleum intelligence Weekly reported. Demand may have peaked and some forecasters doubt the cartel will again match its 1979 production record of almost 32 million barrels a day, it said. Most forecasters expect OPEC's output to rebound somewhat from its current 10-year low of 24 million barrels a day, including n atural-gas liquids.