OPEC has trimmed its forecasts for global oil demand predicting that consumption would contract by a bigger-than-expected by 0.67 percent margin as a result of the economic downturn.


The adjustment represents 580,000 barrels per day, some 400,000 more than initially forecast in mid-January.

"World oil demand continues its steep decline from last year and is expected to follow this strong negative pattern at least for the first three quarters of the year," a representative for the Organisation of Petroleum Exporting Countries said in a statement.