OPEC expects slight increase in world oil demand
Azerbaijan, Baku, Oct. 26 / Trend A,Badalova /
According to OPEC forecasts, world oil demand will slightly rise by 0.7 million barrels per day to 84.9 million barrels in 2010.
The October report of OPEC says that although the world economy is better than predicted, in 2010 its recovery will be slow and weak Growth of world economy will be 2.7 percent in 2010.
Nevertheless, the expected growth at 0.2 million barrels per day in world oil demand in 2010 is higher than the index predicted by OPEC earlier. "Oil demand is expected to be higher than the forecasted earlier due to the recent improvement in economic conditions in countries of Economic Cooperation and Development (OECD), as well as in China, the same source reported.
According to the OPEC forecasts, in 2010 oil demand in OECD countries will be 45.73 million barrels per day, which is lower by 0.5 million barrels per day than oil demand in 2009. In China, oil demand will increase by 0.3 million barrels to 8.39 million barrels per day in 2010.
OPEC also raised forecasts for world oil demand for 2009 by 0.2 million barrels per day. According to new forecasts, in 2009 oil demand will decrease by 1.4 million barrels to 84.24 million barrels per day.
In September, world oil demand showed growth at 0.6 percent thanks to the stabilization of oil demand in the U.S. Nevertheless, the level of world oil demand in the third quarter remained negative with a decrease of 520,000 barrels per day, the OPEC reported.
The OPEC report says that if the stabilization of oil demand in the U.S. continues, world oil demand may grow by 0.2 percent by late 2009.
According to the OPEC forecasts, oil demand in OECD countries will decline by 1.69 million barrels to 45.88 million barrels per day. In China, oil demand will increase by 0.12 million barrels to 8.09 million barrels per day in 2009.
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