Originally published July 8, 2009 at 5:45 AM | Page modified July 8, 2009 at 11:25 AM
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OPEC: Recession leaves lasting crimp in oil demand
OPEC says that demand for its crude has fallen so sharply because of the world recession that it will take another four years to recover to 2008 levels.
OPEC says that demand for its crude has fallen so sharply because of the world recession that it will take another four years to recover to 2008 levels.
The forecast is one of several in OPEC annual report on oil supply and demand outlook to 2030 that reflects how the global recession has crimped the world's appetite for energy.
The report says the world will need 87.9 million barrels of crude a day by 2013 - nearly 6 million barrels less than previously expected. OPEC would need to produce 31 million barrels a day for its share compared to a daily 31.2 million barrels last year.
Copyright © The Seattle Times Company
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