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Opec predicts slow recovery for oil demand

Source: Financial Times

London : United Kingdom | 4 months ago

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Global demand for Opec crude oil will take five years to recover to pre-financial crisis levels and investment spending on new production capacity will be sharply lower as a result, the cartel said on Wednesday. Opec said that average consumption of its oil reached a peak of 31m barrels a day in 2008,...

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News Stories

OPEC Sec-Gen. 'aiming for higher oil prices'

News Source: Press TV | 4 months ago

Secretary-General Abdullah Salem al-Badri has said the cartel is "comfortable" with the current oil price, but would like it to be higher. "Prices at this time are comfortable...The Secretary-General of the Organization of Petroleum Exporting...
Oil rebounds towards $61 after fall on bearish inventories

News Source: International Business Times | 4 months ago

Oil rebounded toward $61 a barrel on Thursday, correcting from a seven-week low hit on bearish oil data that outlined continued weak demand amid growing concerns about the pace of economic recovery. A larger-than-expected rise of 3.7 million barrels...
Downturn dries up oil demand

News Source: The Globe & Mail | 4 months ago

Ottawa — Globe and Mail Update Last updated on Wednesday, Jul. 08, 2009 07:54PM EDT P eak oil may have arrived in the developed world – but for the consumption of crude, rather than its production. The recession has crushed demand across the...
Demand for oil in the OECD will not recover until 2013, says Opec

News Source: The independent | 4 months ago

The developed world's demand for oil will not recover from the effects of global recession for another four years, the cartel of producing nations predicted yesterday. Consumption will rise slower than expected over the short- and medium-term, the...
Opec's oil, gas income tops $1tr in 2008

News Source: Gulfnews.com | 4 months ago

Opec saw the total value of its petroleum sales abroad reach almost $1,007 billion in 2008, up from $746 billion in 2007, which was itself a record. Benchmark US crude oil futures which started in 2008 at just under $100 per barrel, rose to a peak of...
Prolonged weakness seen for crude

News Source: Times of Oman | 4 months ago

Opec sees global crude oil demand to be less in 2013 due to the impact of the worldwide recession, which has led to a significant downward adjustment to oil demand in the longer term. The Organisation of Petroleum Exporting Countries cut its outlook...