OPEC Reduces Forecasts on Growth of World Demand for Oil in 2009

Oil&Gas Materials 16 October 2008 14:08 (UTC +04:00)

Azerbaijan, Baku, 16 October / Trend corr. A.Badalova / The Organization of Petroleum Exporting Countries (OPEC) reduced forecasts on growth of the world demand for oil by 0.1mln barrels a day in 2009 and by 0.33mln barrels a day in 2008. In accordance with the new forecast in the cartel's report on oil market, the world demand for crude base will rise by 0.8mln barrels a day - to 87.2mln barrels in 2009. Demand for oil will make up 86.5mln barrels a day with the growth of 0.55mln barrels in 2008.

According to the OPEC forecasts, the world demand for oil will amount to 88.01mln barrels a day in the fourth quarter of 2008.

Oil demand in the Organization for Economic Co-operation & Development (OECD) will be reduced by 0.4mln barrels a day - to 47.92mln barrels a day in 2009 as compared to 48.3mln barrels in 2008. Oil demand in these countries will make up 48.62mln barrels a day in the first quarter of 2009, 46.74mln barrels - in the second quarter, 46.91mln - in the third and 46.39mln - in the fourth.

Demand for oil in the OECD countries will amount to 49.65mmln barrels a day at the last quarter of 2008.

Demand for such kind of hydrocarbon crude base will rise by 1.1mln barrels in the countries, which are not included in this organization, in 2009. Higher growth will be observed in China, Middle East and India.

According to the OPEC forecasts, in 2009 oil demand in the former Soviet countries will rise by 1.65% - to 4.17mln barrels a day as compared to 4.1mln barrels in 2008.

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