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CAIRO — OPEC sharply revised down its forecast for world oil demand for this year and expected consumption would remain weak in 2012, citing on Monday waning economic growth in key industrialized nations and a weak U.S. driving season.
The group cut its global oil- demand forecast by 150,000 barrels a day for 2011 and by 40,000 barrels a day for 2012, saying “turbulence in world economic recovery has resulted in considerable uncertainty for demand growth next year.”
