The Organization of Petroleum Exporting Countries, OPEC has cut down the global oil demand in 2013 by 30,000 barrels per day to 780,000 barrels per day. In its latest monthly report the 12 member group said there are risks that it may decline further. Despite a decline in demand, OPEC is still pumping more oil than the global demand for its crude and more than the production ceiling of 30 million barrels per day .The oil output will be reviewed at the OPEC meeting in December.The latest OPEC Report says the global oil demand is expected to be on the lower side despite the producing more than 30 billion barrels of oil per day which augurs well fro the developing nations. Only a day ago, Saudi Arabia, the largest producer of oil, had said that stability had been restored in the oil market and oil prices have fallen to a level that does not hamper global growth. According to the OPEC report, the global demand for its crude is expected around 29.80 million barrels per day next year amid lower supply expectations from India and some African countries In its forecast for the next year, the OPEC said the global oil supplies are adequate and the trend is likely to be maintained in the coming years.OPEC said extra oil from Saudi Arabia and other Gulf countries has offset lower supply from Iran due to sanctions. It said the oil production fell by 265,000 barrels per day in September due to decline in Angola and Nigeria. Iranian oil supply, which fell sharply earlier this year due to European Union and US Sanctions, was steady in September at 2.72 million barrels per day.