Latest News:  
Beijing   Light to moderate rain/Light rain    13 / 8 ℃  City Forecast

English>>China Business

OPEC lowers global oil demand forecast


08:41, November 09, 2012

VIENNA, Nov. 8 (Xinhua) -- OPEC on Thursday cut its medium-term global oil demand forecast due to the impact of euro zone debt crisis and the economic weakness.

The OPEC annual World Oil Outlook report, officially released Thursday, lowered its forecast for global oil demand in 2016 to 92. 9 million barrels per day, a cut of over 1 million barrels per day from last year's report.

OPEC also issued its long-term oil demand forecast in the report, which predicted the global oil demand would hit 107.3 million barrels per day by 2035, 2.4 million barrels per day lower than previous forecast.

In the report, OPEC for the first time acknowledged that technology for extracting oil and gas from shale might significantly change the global oil supply geographically.

However, the report stressed that the fossil energy, in the future, would remain the most important energy source in the world energy supply, noting that demand for crude would rise more slowly than it had previously expected.

Recommended Features:
[Special]'Made in China' Revisited From 'Made in China' to 'Created in China' A Journey to Cultural Renaissance
Gold collection issued to mark 'Year of Snake' China: A Fast-growing Force in IPR IPR in China: Local Roots Bearing Global Fruits
China Int'l Industry Fair opens in Shanghai Caofeidian coal wharf put into use Canton Fair wraps up on Sunday


Leave your comment0 comments

  1. Name


Selections for you

  1. China's stealth fighter concept model

  2. PLA Macao Garrison finishes 13th rotation

  3. Unforgettable moments in Nov. (III)

  4. Flight test of unmanned aircrafts conducted

  5. First inter-blood-type liver transplant in China

  6. Harbin Autumn Automobile Exhibition

  7. Embroider best wishes on insoles in Shanxi

  8. China's rich people will reach to 280 million

Most Popular


  1. Commentary: Hot money needs cooling
  2. Smart solutions for better city, better life
  3. China remains an 'engine' in global economy
  4. M&A of listed companies gaining steam
  5. Is 'culture' inferior to 'commercialization'?
  6. Chinese liquor makers "sober up" over bans
  7. Strength of Chinese culture lies in understanding
  8. Securing China's e-commerce growth
  9. Hammered ore prices threaten Chinese iron miners
  10. CNN Beijing chief: China's challenges, opportunities

What’s happening in China

Landmark building should respect the public's feeling

  1. Herders, sheep flock move to winter pasture
  2. First inter-blood-type liver transplant in China
  3. HIV patient to sue hospital over cancer op refusal
  4. Test in intelligent vehicle for food detection
  5. Smart card, dumb refund rules