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OPEC raises 2010 oil demand forecast

The Associated Press - Mar 10, 2010

World oil demand is projected to grow by 900,000 barrels per day in 2010, OPEC said Wednesday, revising up its previous month's forecast while cautioning that the increase is hinged on a sustained global economic rebound, particularly in the United States.

The Organization of the Petroleum Exporting Countries, supplier of about 35 percent of the world's crude, raised its demand forecast to 85.24 million barrels per day, roughly 100,000 barrels per day higher than its February projections. It also said demand for OPEC crude was estimated at 29 million barrels a day some 200,000 barrels per day more than its previous month's forecast but noted that members were still overproducing.

Describing 2009 as "the worst year in the industry in oil demand since the oil crisis in the 1980s," the 12-member producer bloc said in its March report that global oil demand "has been highly dependent upon the world economy, supported by government-led stimulus plans."

Read Full Article from The Associated Press

- Posted: 2010-03-10 10:47:36


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