OPEC raises crude oil demand forecast

In its latest monthly market report released on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast of world oil demand in 2011 to 88.08 million barrels per day, 1.4 million barrels more than the estimation of last month.

The global demand for OPEC crude oil is estimated at 29.87 million barrels per day, an increase of 20,000 barrels from the forecast last month.

The report said although the international oil prices have increased sharply, the current supply level is adequate, blaming the price hikes to market speculation caused by political crisis in the North African and Arab countries.

OPEC will hold a ministerial meeting on June 8 in Vienna to discuss the production quota for the coming period.

OPEC has not changed its production quota for two years, though researchers claim that some member states have increased their output without permission.

Source: Xinhua

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