VIENNA — OPEC is predicting a flat market for oil because of weak economic performance in developed nations.
The Organization of the Petroleum Exporting Countries’ latest monthly forecast sees world oil demand to grow by 900,000 barrels a day — unchanged from its previous report.
In its forecast issued Friday, OPEC says “the weak pace of growth in the OECD economies is negatively affecting oil demand.”
The forecast goes on to say that while the U.S. economy has improved, Europe’s debt crisis “along with higher oil prices has resulted in considerable uncertainties for future oil demand for the rest of the year.”
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