OPEC raises oil demand outlook for 2010

Business News

Oct 13, 2009, 10:48 GMT

Vienna - The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday raised its forecast for next year's global oil demand, based on forecasts of global economic recovery. In its monthly oil report, the Vienna-based organization said demand would average 84.93 million barrels of crude oil per day, 380,000 barrels above its previous estimate. One barrel equals 159 litres. This 0.83-per-cent increase forecast for next year is based mainly on expected demand growth in China, India, Latin America and the Middle East. Industrialized countries are seen as requiring 0.32 per cent less oil than in 2009. The oil cartel raised its demand forecast for 2009 by 180,000 barrels per day to 84.24 million barrels per day. OPEC's upward revisions were in line with changes in the International Energy Agency's projections announced last Friday. In September, the 12 OPEC countries pumped 28.9 million barrels per day, 43,000 barrels more than in August, owing mainly to higher production in Nigeria and Angola. The oil cartel's basket price has risen since late September and stood at 70.06 dollars per barrel on Monday.

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