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OPEC Sticks to 2010 Oil Demand Forecast - ASHARQ AL-AWSAT English Archive
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VIENNA, (AFP) — The OPEC oil producers’ cartel left unchanged its forecast for modest growth in world oil demand this year, but warned that prices are likely to remain volatile in the coming months.

“World oil demand in 2010 is forecast to grow by 0.8 million barrels per day (bpd) to average 85.1 million bpd, representing no major change from last month,” the Organization of Petroleum Exporting Countries said in its January report.

Nevertheless, prices “are likely to be particularly vulnerable to economic developments during the upcoming low-demand second quarter,” the report said.

“The persisting stock overhang, low seasonal demand and start of refining maintenance point to the need for continued caution over the coming months as market volatility is expected to remain.”

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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