Opec predicts rising oil demand in 2010
Increased US consumption and growth cited
London: The Organisation of Petroleum Exporting Countries (Opec) slightly raised its forecast for world oil demand growth in 2010 ahead of the group's policy-setting meeting in Angola next week, but in a report yesterday said market fundamentals could be weak for the next two quarters.
Opec said it now expected oil demand use to grow by 800,000 barrels per day (bpd), up by 70,000 bpd from a report last month, following increased consumption in the United States and ongoing growth in the developing world.
While the producer group now expects global oil demand to average 85.1 million bpd in 2010, its estimate is still substantially lower than that of the International Energy Agency, the Paris-based adviser to 28 industrial nations, which forecast demand at 86.3 million bpd on Friday.
"A more detailed look at the supply/demand balance indicates that fundamentals will continue to be weak in the first half of the year before improving in the second half, as reflected in the demand for Opec crude," Opec said in its monthly report.
