OPEC Lowered The World'S Crude Oil Demand For The Fourth Time This Year.

The latest monthly report released by the organization of Petroleum Exporting Countries (OPEC) predicts that global demand for crude oil will be 86 million 810 thousand barrels per day in 2008, a decrease of 90 thousand barrels from last month's forecast. This is also the fourth time OPEC has lowered market demand this year.

The report pointed out that the weak growth of the world economy is an important reason for the slowdown in global crude oil demand growth. The high oil price has also suppressed the growth of market demand, especially in the industrialized countries, and this trend will continue until 2009.

The report said that if fuel demand continues to develop, refinery enterprises may be forced to cut production, which will lead to further decline in demand for crude oil.

According to the report, the continuous rise in world crude oil prices in June was not due to insufficient supply of crude oil, but the geopolitical crisis in the Middle East became tense, and weather and other factors intensified the speculation in the market.

In addition, the continued weakness of the US dollar is also an important reason for the rise in oil prices.