OPEC cuts its oil forecast again


Anyone counting on a rapid turnaround in the U.S. and global economies may be in for a rude reality. Or perhaps, a crude reality.

OPEC cut its 2009 global oil demand forecast for the eighth straight month on Wednesday, as the cartel said purchases of the world's most important commodity continue to fall, due to the lingering global slowdown (pdf).

In its April report, OPEC says it now sees 2009 global oil demand totaling 84.18 million barrels per day (bpd), or 413,000 bpd lower than the March estimate. Overall, the cartel expects 2009 demand to contract by 1.37 million bpd.