LONDON ,June 9-OPEC has kept its forecast for global oil demand growth in 2010 unchanged from last month at 950,000 bbl/day, despite lingering concerns about the EU sovereign debt problem, the ability of China to avoid overheating and the still-high unemployment in OECD countries, the organisation said on Wednesday.
Global oil demand in the first quarter grew by a marginal 400,000 bbl/day due to a weak economic recovery and stabilised oil demand in most of the world, OPEC said in its monthly report.
However, following the momentum in the first half of the year, the pace of recovery of the global economy was likely to become more moderate in the second half, the organisation said.
Total demand growth was still expected to come from non-OECD (Organisation for Economic Co-operation and Development) regions as growth in the OECD was expected to remain negative, according to OPEC.
"Despite the weak economic recovery, future economic prospects are pushing world GDP to a positive side, which will support world oil demand growing mainly in transport and petrochemical sectors," it added.
In 2010, non-OPEC oil supply was expected to increase by 640,000 bbl/day year on year, following an upward revision of 110,000 bbl/day from last month's report, OPEC said.
In May, OPEC crude oil production averaged 29.26m bbl/day, an increase of 140,000 bbl/day over the previous month, the report said.
Growing product demand along with lower crude cost in May had lifted refining margins across the globe and encouraged refiners, particularly in the US, to increase throughputs, OPEC said.
"However, due to comfortable stocks and persisting spare refinery capacity across the globe, product markets are not expected to lead the market and support crude over the coming months," it added.
The organisation revised its forecast for OPEC crude demand in 2010 downwards by 70,000 bbl/day to an average of 28.77m bbl/day, which would represent a decline of 175,000 bbl/day from the previous year.
"This would leave no room for additional crude oil supplies in the market," OPEC said.
Global oil demand in the first quarter grew by a marginal 400,000 bbl/day due to a weak economic recovery and stabilised oil demand in most of the world, OPEC said in its monthly report.
However, following the momentum in the first half of the year, the pace of recovery of the global economy was likely to become more moderate in the second half, the organisation said.
Total demand growth was still expected to come from non-OECD (Organisation for Economic Co-operation and Development) regions as growth in the OECD was expected to remain negative, according to OPEC.
"Despite the weak economic recovery, future economic prospects are pushing world GDP to a positive side, which will support world oil demand growing mainly in transport and petrochemical sectors," it added.
In 2010, non-OPEC oil supply was expected to increase by 640,000 bbl/day year on year, following an upward revision of 110,000 bbl/day from last month's report, OPEC said.
In May, OPEC crude oil production averaged 29.26m bbl/day, an increase of 140,000 bbl/day over the previous month, the report said.
Growing product demand along with lower crude cost in May had lifted refining margins across the globe and encouraged refiners, particularly in the US, to increase throughputs, OPEC said.
"However, due to comfortable stocks and persisting spare refinery capacity across the globe, product markets are not expected to lead the market and support crude over the coming months," it added.
The organisation revised its forecast for OPEC crude demand in 2010 downwards by 70,000 bbl/day to an average of 28.77m bbl/day, which would represent a decline of 175,000 bbl/day from the previous year.
"This would leave no room for additional crude oil supplies in the market," OPEC said.
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