OPEC further trims forecast demand for its oil

The Organisation of Petroleum Export Countries further lowered the forecast demand for its crude in the fourth quarter and 2014.
It said its production remained higher than next year’s global requirement despite a plunge in Iraqi and Libyan output.
In a monthly report issued on Thursday, OPEC said forecast demand for its oil in 2014 would average 29.56 million barrels per day, down 50,000 bpd from its previous estimate.
Demand for OPEC crude in the fourth quarter of 2013 – the quarter when demand usually reaches an annual peak – is expected to be 30.49 million bpd, 230,000 bpd less than previously forecast.
According to secondary sources cited in the report, OPEC pumped 30.05 million bpd in September despite a drop in Iraqi and Libyan supply, leaving output 490,000 bpd more than next year’s demand forecast.
Reuters/NAN.