Opec raises oil demand forecast

15 August 2010

The Organization of Petroleum Exporting Countries (Opec) has raised its global oil demand forecast for 2010 and 2011 by 140,000 barrels a day each, Bloomberg has reported. Worldwide crude oil use will increase by 1.05 million barrels a day, or 1.2%, next year, to average 86.56 million a day, Opec's Vienna-based secretariat said. The amount of Opec oil needed to balance global supply and demand, known as the call- on-OPEC, will be about 28.9 million barrels a day in 2011. That's about 200,000 barrels a day, or 0.7%, higher than this year's requirement, and 93,000 a day more than the forecast made in last month's report.

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