Business | Oil & Gas
Opec forecasts Mideast demand at 6.78m bpd
The Middle East oil demand is forecast to show growth of 280,000 barrels per day (bpd) year-on-year to average 6.78 million bpd in 2008, the Organisation of Petroleum Exporting Countries (Opec) has said.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:53 May 23, 2008
Abu Dhabi: The Middle East oil demand is forecast to show growth of 280,000 barrels per day (bpd) year-on-year to average 6.78 million bpd in 2008, the Organisation of Petroleum Exporting Countries (Opec) has said.
"The growth is due to strong economic activities, especially the boom in energy-intensive projects," said the Vienna-based organisation.
As in Asia, Latin America's economic activities are pushing for stronger oil demand.
"Brazil's economic and agricultural activities caused oil demand, especially diesel, to grow at healthy levels," Opec said.
It said oil demand growth in developing countries is forecast at 590,000 bpd year-on-year in the second quarter of this year, to average 24.799 million bpd.
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