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OPEC boosts 2011 growth forecast
World demand for OPEC’s oil will be higher than expected next year as economic growth accelerates, the producer group said on Thursday.
The Organization of the Petroleum Exporting Countries raised its estimate of global oil demand growth for 2011 by 120,000 barrels per day (bpd) and now expected an increase of 1.17 million bpd in global consumption in 2011 over 2010.
It raised its forecast of world oil demand next year by about 310,000 bpd to 86.95 million bpd, and raised its estimate of consumption this year by around 190,000 bpd to 85.78 million bpd.
“Consumption in the OECD has outpaced expectations as a result of the stronger-than-expected economic activities, supported by various stimulus plans,” OPEC said in its Monthly Oil Market Report, which is written by economists at the group’s Vienna headquarters.
Read the full article here.
World demand for OPEC’s oil will be higher than expected next year as economic growth accelerates, the producer group said on Thursday.
The Organization of the Petroleum Exporting Countries raised its estimate of global oil demand growth for 2011 by 120,000 barrels per day (bpd) and now expected an increase of 1.17 million bpd in global consumption in 2011 over 2010.
It raised its forecast of world oil demand next year by about 310,000 bpd to 86.95 million bpd, and raised its estimate of consumption this year by around 190,000 bpd to 85.78 million bpd.
“Consumption in the OECD has outpaced expectations as a result of the stronger-than-expected economic activities, supported by various stimulus plans,” OPEC said in its Monthly Oil Market Report, which is written by economists at the group’s Vienna headquarters.
Read the full article here.