OPEC cut its 2013 global oil demand forecast Wednesday – the second time the multinational producers' group has reduced its estimate in two months – on renewed concern about the euro zone and Japan economies.
The Organization of Petroleum Exporting Countries, which produces more than one-third of the world’s oil, now expects 2013 global oil demand to increase by 800,000 barrels per day – 40,000 less than its previous estimate.
OPEC is the second, major energy analysis organization to cut its 2013 demand outlook. On Tuesday, the U.S. Energy Information Agency reduced its forecast by 50,000 bpd to to a growth rate of 960,000 bpd.
West Texas Intermediate crude oil traded down 16 cents to $94.04 per barrel in Wednesday mid-day trading.