Dark clouds force Opec to cut back oil forecast - The National

Opec cut its forecast for oil demand this year, giving ammunition to member countries that have pushed to hold back supplies from the world market.

The group is split between price hawks and doves, but the recent 20 per cent drop in prices and a weaker demand outlook have already prompted some countries to express concern.

Yesterday, Opec lowered its estimate for crude oil consumption by 150,000 barrels per day (bpd) as Brent crude, the European benchmark, dipped below US$100 for the first time in eight months.

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