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OPEC Signaled Revised Down World Oil Demand 2013

Projected growth in global oil demand in 2013 could be revised downward, the Organization of Petroleum Exporting Countries (OPEC) said on Tuesday, in respect of economic uncertainty in the euro zone and the United States.

“There are a number of downside risks to growth … the instability of the euro could lead to a deeper recession in some Mediterranean countries,” the oil producer based in Vienna predicted in a monthly report.

OPEC says there is a lot of downside risks to growth in consumption, including the potential impact of budget cuts in the United States.

OPEC weekly oil basket price continued to fall for three weeks and recorded the lowest level in 10 weeks.

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