Considerable risks in 2008 economy might happen, says OPEC

In its monthly oil market report, OPEC announced that there are some considerable risks on economy in the coming new year. The risks might be brought out by tensions and pressures on oil prices that also causes political instability. This would surely give OPEC a problem to resolute.

"Prospects for 2008 are increasingly clouded by the expected slowdown in the U.S. economy and other OECD regions, and by continued turbulence in financial markets in the wake of the deepening subprime mortgage crisis," the report said.

"The improving geopolitical situation and slowing economic outlook should help to further ease the pressure on the market."

OPEC also forecast world oil demand would grow by 1.3 million barrels per day next year, steady from the previous estimate and much lower than some projections.

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