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OPEC Lowers Expectations for World Oil Demand

The Organization of Petroleum Exporting Countries, OPEC, has lowered its 2006 estimate for world crude oil demand.

OPEC's monthly oil report for August now anticipates daily demand for oil will grow by 1.3 million barrels, slightly less than last month's forecast.

The 11-nation oil cartel produces more than one third of the world's crude oil supply.

Analysts say OPEC's downward adjustment stems, in part, from a slowing U.S. economy which is expected to have an important impact on the crude oil market.

U.S. crude oil prices fell by 20 cents Wednesday to about $73 per barrel.

Some information for this report was provided by AFP, AP and Reuters.