OPEC forecasts slight drop in world oil demand in Q3
Azerbaijan, Baku, July 17 / Trend , A.Badalova/
OPEC forecasts a drop of world oil demand by 1 million barrels per day in the third quarter of 2009. Under the OPEC estimates, demand dropped by 2.5 million barrels per day in the second quarter of 2009.
OPEC did not change the world oil demand for 2009 which is about 83.84 million barrels per day which is by 1.6 million barrels per day less than in 2008.
The OPEC July report on the oil market says although the oil demand in the United States shows signs of stabilization, it continues to fall in the countries of the Organization for Economic Cooperation and Development (OECD).
The cartel forecasts that the world oil demand dropped by one million barrels per day compared to a three-million-barrel fall in May 2009. Delay in drop was observed due to stabilization of the demand in the United States.
Under the forecasts, oil demand in the OECD will fall by 1.82 million barrels and reach 45.71 million barrels per day this year. Demand in the former Soviet countries will decrease by 0.12 million and be 3.99 million barrels per day.
OPEC expects recovery in world oil demand in 2010. After two year-drop in demand, OPEC predicts the demand will increase slightly by 0.5 million barrels a day next year. In 2010, global oil demand will increase by 0.8 million barrels a day in non-OECD countries, including 0.3 million barrels a day - in China. Under the OPEC forecasts, in the OECD, oil demand will continue to fall in 2010 and decline by 0.3 million barrels a day. The growth of oil demand in the United States in 2010 will amount to 0.2 million barrels a day compared to a 0.7-million-barrel fall this year.
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