BUSINESS

OPEC sees flat oil market for 2012, thanks to developed countries' weak economies

03/09/2012 07:37 EST | Updated 05/09/2012 05:12 EDT
VIENNA - OPEC is predicting a flat market for oil due to weak economic performance in developed nations.

The Organization of the Petroleum Exporting Countries' latest monthly forecast sees world oil demand to grow by 900,000 barrels a day — unchanged from its previous report.

In its forecast issued Friday, OPEC says "the weak pace of growth in the OECD economies is negatively affecting oil demand."

The forecast goes on to say that while the U.S. economy has improved, Europe's debt crisis "along with higher oil prices has resulted in considerable uncertainties for future oil demand for the rest of the year."