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Demand for crude oil likely to be the weakest in 12 years

Staff writer |
The Organization of Petroleum Exporting Countries (OPEC) now sees the demand for its crude in 2015 at 12-year low.

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The OPEC lowered its estimates for 2015 by about 300,000 barrels a day, to 28.9 million a day, which is 1.5 million barrels less than the group's total supply last month.

Moreover, the demand seen in 2015 is below the 28.93 million recorded in 2009, and the lowest since the 27.05 million a day level needed in 2003.

The downward revision of the OPEC's demand forecast has not had a significant impact on the Crude prices so far. Meanwhile, the group revised higher its forecasts of non-OPEC supplies in 2015 by 120,000 barrels a day.

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