OPEC Sees 2012 ‘Call’ Flip Into Negative Territory

Demand for OPEC crude will fall by some 100,000 b/d this year, predicts the latest OPEC Monthly Oil Market Report (MOMR). The downward demand revision comes amid rising Libyan output and a projected spurt in Iraqi exports. And rising tensions as a result of Iran’s nuclear program could further complicate efforts to deliver a unified and effective OPEC supply policy in what is shaping up to be challenging year, writes Rafiq...