Iran forecasts crude oil demand fall in second quarter next year
Azerbaijan, Baku, Dec. 10 / Trend F.Milad/
Although the oil market is in a balanced situation now, the evidence show that crude oil demand will decline in the second quarter of next year, Iran's representative to the Organization of the Petroleum Exporting Countries said.
"OPEC members should be vigilant of a probable cut in crude oil demand next year," Mohammad-Ali Khatibi was quoted by ISNA news agency as saying.
For the time being, both producers and consumers are relatively satisfied with the market situations. So, OPEC members should plan for the market in the long run, Khatibi said.
Oil ministers of the Organization of the Petroleum Exporting Countries will meet in Vienna on December 14 to decide upon production quotas.
It is the first time this year that OPEC has cut its oil demand growth estimate below 1 million bpd. For 2012, it cut demand by 70,000 bpd to 1.19 million bpd, Reuters reported.