OPEC raises 2010 world oil demand forecast
16 Dec 2009
The Organisation of Petroleum Exporting Countries, (OPEC) has marginally increased its 2010 global oil demand forecast to 85.1 million barrels per day (bpd), up by 70,000 bpd projected a month ago and approximately one per cent or 820,000 bpd higher than in 2009.
The demand growth is primarily on account of higher demand from the US and the developing countries, OPEC said in its monthly oil market report released yesterday.
OPEC said that its members need to pump out 28.6 million bpd to fulfill the demand, which is about 100,000 bpd more than the November forecast and up by 30,000 bpd compared to 2009.
The forecast by OPEC is lower than that of the International Energy Agency (IEA), which projected 2010 world oil demand at 86.3 million bpd on Friday.
Most of the OPEC members do not expect a quota change in the next policy meeting which is scheduled to be held on 22 December in Luanda, Angola.
Further to the global economic meltdown and fall in demand for oil, the organisation had pledged production cuts aggregating 4.2 million bpd last year. The quotas remained unchanged since then.