LONDON, April 15 (Reuters) - The International Coffee Organization has cut its forecast for world coffee production in 2008/09 to 127.0 million 60-kg bags from a previous forecast of 127.8 million, ICO Executive Director Nestor Osorio said in a monthly market report on Wednesday.
   The fall partly reflected reduced production prospects for several Central American countries, particularly Guatemala where the 2008/09 crop is now put at 3.37 million bags, down from a previous estimate of 3.90 million.
   "The reduction in Colombian and Central American crop is contributing to the creation of a fragile supply/demand balance," Osorio said.
   "This fragile balance is particularly worrying at a time when stocks are at their lowest levels and Brazilian production in 2009/10 is expected to be lower, since this is the off-year in the biennial arabica production cycle," he added.
   The ICO put Colombian production in 2008/09 at 10.50 million bags, unchanged from the previous month's estimate but down from 12.52 million in 2007/08.
   Osorio put world consumption in calendar 2008 at 128 million bags, up from 126.5 million in 2007.
   He did not provide an estimate for 2009 but said there was no indication of any significant impact from the world economic crisis on consumption. (Reporting by Nigel Hunt; Editing by Sue Thomas)