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OPEC forecasts: Demand for oil will slide

Staff writer |
The Organization of Oil Exporting Countries (OPEC) released a downward revision of its forecasts for oil demand this year.

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According to Opec's monthly report, total consumption will be 92.18 million barrels per day (bpd) in 2016, 50,000 bpd less than the prior estimate.

Opec said "economic developments" in Latin America and China are a "concern," in a reference to the slowdown in those economies.

Even as the world's leading oil producer, Saudi Arabia, refrained from stepping up its output, all Opec member countries produced a combined 32.25 million bpd, up 15,000 bpd from February.

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