Baku. Vahab Rzayev – APA-ECONOMICS. The crude oil demand for the Organization of the Petroleum Exporting Countries (OPEC) on the international crude market is forecasted to be 31.14 million barrels per day in 2009, 190,000 barrels lower than September forecast, according to a monthly OPEC report released on Wednesday. This forecast on international crude oil demand shows 190,000 barrels per day further lower than that of last monthly report of OPEC, dropping for seven consecutive times this year. The OPEC oil prices topped 140.73 U.S. dollars per barrel on July 3 this year, but dived to 71.96 dollars per barrel on Monday, making a drop of almost 49 percent. Meanwhile, the prices on the international crude market also touched the bottom recently over one year’s time. “The slow US economy is seen as the main cause of the sharp slowdown in petroleum product demand this year,” OPEC said. Weak US oil demand would bear down on the oil market “at least in the first half of 2009.” The organisation’s monthly report, noted ‘bearish’ oil price trends and signs of ‘recession’ in the US, Europe and Japan, leaving little doubt that OPEC is worried about the possible effect on demand for oil. “This major decline came as a result of deteriorating economic activities,” OPEC said. “This excessive decline has dented world oil demand growth this year and is anticipated to see a further decline next year as well.” OPEC member countries are Algeria, Angola, Venezuela, Indonesia, Iran, Iraq, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Ecuador and the United Arab Emirates. These countries share 60% oil reserves of the world. Saudi Arabia takes the first place for oil production among OPEC countries.

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