LONDON, Sept 16 (Reuters) - OPEC on Tuesday cut its forecast for global growth in oil demand in 2008 for the sixth time this year, the latest sign that slowing economies are eroding fuel consumption.
The exporter group also said oil output in line with its decision last week to trim supply to agreed levels will be more than enough to meet demand ahead of winter and contribute to an above-average rise in inventories.
"The weakening economic situation has been reflected in a slowdown in world oil demand growth," the Organization of the Petroleum Exporting Countries said in a monthly report.
"The economic slowdown is now spreading beyond the U.S. to Europe and Japan, with contagion risks to other regions."
The report is the first collective word from OPEC since it decided last week to trim actual oil supply following a sharp drop in oil prices towards $100 a barrel from July's record high above $147.
Oil demand will rise by 880,000 barrels per day (bpd) this year, 120,000 bpd less than the previous forecast, OPEC said in its Monthly Oil Market Report for September.
That reduction followed cuts in OPEC's August, July, June, May and February 2008 reports. The group left its forecast for world consumption growth in 2009 little changed, predicting a rise of 870,000 bpd.
OPEC also forecast that production from countries outside the group would be less than expected this year and next.
It trimmed expected supply from non-OPEC countries in 2008 by about 70,000 bpd to 49.94 million bpd and cut the 2009 forecast by about 140,000 bpd to 50.81 million bpd.
As a result, OPEC said that demand for its crude is expected to average 32.0 million bpd in 2008, lower than the group's production in August of 32.5 million bpd.
(Reporting by Alex Lawler; editing by Anthony Barker) Keywords: OPEC OIL/OUTLOOK
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