OAPEC Predicts Further Drop in Global Oil DemandThe Organization of Arab Petroleum Exporting Countries (OAPEC) has predicted that the global oil demand would drop by about 2 to 2.3 million barrels per day (bpd) in the second quarter of this year.OAPEC's April Bulletin, available here Saturday, said that the global oil demand in January fell by 3.3 million bpd from last December and dropped by 1.5 million bpd compared to the fourth quarter of last year. It indicated that the oil demand in industrial countries went down by nearly 2.8 million bpd in January as compared to the previous month. OAPEC expected the world oil demand to continue to drop in the third quarter, noting that this would accumulate the oil glut and lead again to a slump in prices. The Kuwait-based organization hailed last month's decision made by major oil producers to reduce oil output, saying it is a necessary step to face up to any seasonal drop in oil demand. In March, members of the Organization of Petroleum Exporting Countries (OPEC) agreed to cut their production by 1 million bpd, or 4 percent of their total output of some 25.2 million bpd, as of April 1 in a bid to raise declining world oil prices. OPEC members expect to stabilize oil prices within the range of 22-28 US dollars per barrel, vowing to act if the prices fluctuate beyond the targeted range. |
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