The Organization of the Petroleum Exporting Countries (OPEC) increased slightly its forecast for oil demand for the remainder of this year and 2011. OPEC projected oil demand would hit 85.59 million barrels and 86.64 million barrels per day in 2010 and 2011, respectively. In both years, those figures represented an 80,000 barrel per day upward revision in demand.
“Despite some turbulence and setbacks, the global economic recovery continues to provide support for oil consumption,” OPEC said in its October oil market report. But it stressed that oil demand growth next year will be “highly sensitive to China’s energy policies,” even as U.S. demand remains the “wild card.”
Source: The Canadian Press
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