Retail fuel prices to be reduced

Slumping global demand may keep prices depressed in 2015, say sources

China is likely to cut retail fuel prices by about 490 yuan ($79) a metric ton from Friday, after the Organization of Petroleum Exporting Countries forecast lower global demand for crude in 2015.

Global demand for crude from OPEC members will slump to 28.92 million barrels per day in 2015, which is below the 28.93 million bpd that was recorded in 2009, and the lowest since the 27.05 million bpd needed in 2003, according to a monthly report published by the organization.