VIENNA, Aug. 11 - OPEC on Tuesday left its global oil demand forecast unchanged for this year, projecting a fall of 1.65 million barrels a day compared to last year.
World oil demand, the Organization of Petroleum Exporting Countries (OPEC) said in its monthly report, is expected to show an increase of 500,000 barrels a day in 2010.
According to the report, it was expected that the average global crude oil demand this year would be 83.91 million barrels a day (mb/d), and it would continue to rise to 84.41 mb/d next year, which was respectively 0.07mb/d more than the forecast made last month.
The report also pointed out that world demand for OPEC crude oil fell by 2.3 mb/d, amounting to 28.4 mb/d. It would be further reduced by 0.5 mb/d, and reaching 28 mb/d next year. This decline exceeded the previous estimate of OPEC, the cartel that controls a third of the world's oil production.
In accordance with OPEC's estimate, demand from the countries of the Organization for Economic Cooperation and Development (OECD) would continue to decrease in 2010.
In the international crude oil market, only in the Middle East, China and Latin America would demand keep rising this year, OPEC said.
The report also said that due to uncertainties that persist concerning a recovery from the global recession, as well as ample stocks of crude, the international oil market remains still fundamentally weak.
World oil prices have been showing a rising trend, mainly due to the optimism of global economic recovery and the weakness of the U.S. dollar. However, world crude oil demand would not be any major difference unless a real recovery of the world economy arrives.
World oil demand, the Organization of Petroleum Exporting Countries (OPEC) said in its monthly report, is expected to show an increase of 500,000 barrels a day in 2010.
According to the report, it was expected that the average global crude oil demand this year would be 83.91 million barrels a day (mb/d), and it would continue to rise to 84.41 mb/d next year, which was respectively 0.07mb/d more than the forecast made last month.
The report also pointed out that world demand for OPEC crude oil fell by 2.3 mb/d, amounting to 28.4 mb/d. It would be further reduced by 0.5 mb/d, and reaching 28 mb/d next year. This decline exceeded the previous estimate of OPEC, the cartel that controls a third of the world's oil production.
In accordance with OPEC's estimate, demand from the countries of the Organization for Economic Cooperation and Development (OECD) would continue to decrease in 2010.
In the international crude oil market, only in the Middle East, China and Latin America would demand keep rising this year, OPEC said.
The report also said that due to uncertainties that persist concerning a recovery from the global recession, as well as ample stocks of crude, the international oil market remains still fundamentally weak.
World oil prices have been showing a rising trend, mainly due to the optimism of global economic recovery and the weakness of the U.S. dollar. However, world crude oil demand would not be any major difference unless a real recovery of the world economy arrives.
