Aug. 9 (Bloomberg) -- The Organization of Petroleum Exporting Countries cut its oil demand forecasts for 2011 and next year as the global economic recovery loses momentum. OPEC, responsible for about 40 percent of world oil supply, reduced its consumption estimate for this year by 150,000 barrels a day. That means global demand will rise by 1.2 million a day, or 1.4 percent, to 88.1 million a day.