The Organization of the Petroleum Exporting Countries on Wednesday said its world demand in oil will continue to shrink in the current global economic recessions inline with its rising prices in oil demand and outputs cuts of 2.6 percent from the International Monetary Fund.
Its global demand particularly in the oil market would fall 1.83 percent or 84.03 million a barrels to 1.6 million barrel per day in the year 2009 from its previous forecast of 1.37 million barrel per day in, but its non-OPEC will grow 0.2 million barrels per day to 50.6 million barrel per day.
The OECD regions or developed nations of the Organization for Economic Co-operation and Development will hardly fell The falling demand to 3.8%, OPEC said but china and India will grow slowly of 6.5% and 5% respectively. However it sees slow economic recovery in the current global downturn.
Recently, oil prices rose six month high above $60 per barrel a day on Tuesday after it fell $35 a barrel in December 2008 from $140 a barrel in July last year.
It also expects United states of America economic growth to fall 2.8% in 2009 as the oil price rose $59 barrels per day.