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OPEC Sees Stronger 2010 World Oil Demand - ASHARQ AL-AWSAT English Archive
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LONDON (Reuters) – World demand for OPEC’s oil will be stronger than expected next year as the economy picks up, the producer group said on Tuesday.

Demand for OPEC crude will average 28.39 million barrels per day (bpd) in 2010, the Organization of the Petroleum Exporting Countries said in a monthly report. That is up 300,000 bpd from the previous forecast.

“Supported by fiscal and monetary policy, the world economy is showing signs of recovery,” OPEC said in the report.

“Given weak oil market fundamentals as reflected in high global inventories and large OPEC spare capacity, there is a need for continued close monitoring of both economic conditions and developments in the oil market,” it said.

The group also raised its forecast for world oil demand growth in 2010, seeing an increase in world oil use of 700,000 bpd, up 200,000 bpd from the previous estimate.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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