Opec slashes its forecast for 2015 crude demand

FXStreet (London) - Opec has slashed its forecast for 2015, saying that demand for crude will be the lowest in 12 years. The oil cartel cut its 2015 projection by 300k barrels/day to 28.9m barrels/day – down 1.15m/day on the November 2014 average.

Opec cites the boom in US shale supply as well as reduces forecasts for global demand. “The downward revision reflects the upward adjustment of non-Opec supply as well as the downward revision in global demand.”

WTI crude is currently trading at USD62.63/barrel, down 1.4 percent with the Brent-WTI spread at -3.11, close to its lows at -2.52 recorded last week.