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OPEC slightly raises global oil demand forecast

(Xinhua)

10:42, August 10, 2012

VIENNA, Aug. 9 (Xinhua) -- The Organization of Petroleum Exporting Countries (OPEC) on Thursday announced a slight rise to its global crude oil demand forecast for 2012 and 2013.

According to the latest monthly oil market report, OPEC predicted that global oil demand was expected to reach a daily average of 88.72 million barrels in 2012 and increase up to 89.52 million barrels a day in 2013.

This marks a rise of 40,000 and 20,000 barrels a day on previous forecasts in July.

The oil cartel believed that growth prospects remained although the global economy was facing difficulties. While the U.S. economy showed slow recovery, Europe has been working to find solutions for solving the debt crisis. In addition, emerging markets are expected to keep a certain growth, it said.

However, a series of factors may have impacts on the global oil demand in the next period of time and world crude oil markets would face more uncertainty, it warned.
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