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 12-nation group that supplies about a third of the world's crude oil slashed its global oil demand forecast by 150,000 barrels per day for 2011 and by 40,000 barrels per day for 2012, saying "turbulence in world economic recovery has resulted in considerable uncertainty for demand growth next year."
It also lowered its estimate for crude produced by OPEC nations by about 100,000 barrels per day in 2011.
via www.google.com
Based on your knowledge of supply and demand and the information in the above article, predict the effect of the revised oil demand forecast on the market for oil today (or tomorrow or the near future).
A laurel and hardy round of applause for the best answer.
