Iran forecasts crude demand falls in 2Q next year

TEHRAN, Dec. 11(MNA)--Although the oil market is currently in a balanced situation, but evidence show crude oil demand will decline in the second quarter of the next year, Iran’s representative to the Organization of the Petroleum Exporting Countries said. “OPEC members should be vigilant of a probable cut in crude demand next year,” Mohammad-Ali Khatibi added. For the time being, both producers and consumers are relatively satisfied with the market situations. So, OPEC members should plan for the market in the long run, Khatibi noted. Oil ministers of the Organization of the Petroleum Exporting Countries will meet in Vienna on December 14 to decide on production quotas. OPEC, which pumps a third of the world's oil, forecast 2011 demand growing by just 0.88 million bpd to 87.81 million bpd. It is the first time this year that OPEC has cut its oil demand growth estimate to below 1 million bpd. For 2012, it cut demand by 70,000 bpd to 1.19 million bpd, according to Reuters.