( AP ) -- In a monthly oil market report released Friday, the Organization of Petroleum exporting Countries (OPEC) left its outlook for world oil demand growth this year largely unchanged at 1.3 million barrels per day or 1.5 percent above last year.
"With the approaching end of the driving season, product market momentum was expected to slow sharply over the last weeks, exerting downward pressure on the entire petroleum complex," the report said. "However, due to continued refinery glitches and falling gasoline stocks in the U.S., the product market remained relatively strong last month and did not erode U.S. refinery margins. The recent bullish developments in the product markets could provide further support for refinery economics and crude prices in the case of cold weather this winter."
OPEC said oil demand grew most in developing countries in August, especially China.
The cartel expects world oil demand to grow by 1.3 million barrels per day in 2008 as well. Transport and industrial fuel are expected to be the main growth sectors next year.