OPEC Predicts Drop in Oil Demand

The Organisation of Petroleum Exporting Countries (OPEC) has predicted that global demand for crude would fall by 4.2 per cent in 2009 owing largely to the global economic meltdown which has also adversely affected appropriation for crude and related products.
OPEC had last December agreed to a nine per cent reduction in supply targets to try to halt the plunging price of oil, which has dropped more than $100 a barrel in New York in the past six months
OPEC’s monthly report for January, 2009 revealed that consumption of crude was tilting towards a fall almost 1.4 million barrels a day to bring total production by the 13-member oil cartel to 29.5 million barrels a day in 2009.