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OPEC slightly raises global oil demand forecast (2)


10:43, August 10, 2012

The monthly report also said that, against the slight increase of global oil demand, the demand of global oil market from the OPEC was expected to fall on the contrary due to the continuous rise of supply from non-OPEC oil-producing countries.

The world will need an average of 29.87 million barrels of crude oil a day from OPEC's 12 members this year and 29.51 million barrels a day in 2013, which was about 80,000 and 90,000 barrels a day less than in the previous report in July.

According to a latest report by Reuters, output from OPEC countries reached 31.75 million barrels a day in April, the highest level since September, 2008. Thereafter, it followed the downward trend in the next three month and decline to a daily average of 31.18 million barrels in July, which however still exceeded its limit on output of 30 million barrel a day.

Insiders said that if the cartel's oil output fall back to the limit, it will have a profound impact on global oil market and oil prices.
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