CAIRO, Egypt (AP) -- OPEC says world oil demand will fall in 2009, dragged down by the global economic meltdown that has pummeled developed countries' economies.
In its December Monthly Oil Report released Tuesday, the 13-member Organization of Petroleum Exporting Countries said world oil demand was forecast to average 85.7 million barrels per day in 2009. That is down 150,000 barrels per day from 2008 levels.
Last month, it predicted 2009 demand would be 86.68 million barrels per day, or 1 million barrels per day higher.
The report was released a day ahead of the group's meeting in Algeria in which it was expected to cut production in a bid to support crude prices that have fallen by over 65 percent from a mid-July record of nearly $150 per barrel.
