OPEC sees world oil demand slowing in 2012

World oil demand will rise more slowly than expected this year, OPEC has said, hit by the euro-zone debt crisis and high retail prices.

In a monthly report, the Organisation of the Petroleum Exporting Countries (OPEC) cut its forecast for world oil demand growth in 2012 by 120,000 barrels per day (bpd) to 940,000 bpd.

"Worries about the US economy, along with the EU debt problem, are adding more uncertainty to world oil needs over the next 12 months," the report said. "Firming retail petroleum prices are expected to have a negative impact on oil demand across the globe."

OPEC is the second of the three most closely watched oil forecasters to issue monthly reports this week. On Tuesday, the U.S. Energy Information Administration raised its estimate of global demand growth by 50,000 bpd to 1.32 million bpd.

The report from OPEC also said that according to secondary sources, OPEC's crude oil production rose in January to 30.90 million bpd, the highest since October 2008.

That is 900,000 bpd above the organization's supply target adopted at a December meeting.

The International Energy Agency releases its report on Friday, completing this month's trio of demand forecasts. The Paris-based agency is also expected by analysts to trim its demand outlook.