Related: Crude Prices Plunge on Demand Concerns
The Organization of Petroleum Exporting Countries (OPEC) on Friday raised its forecast for global oil-demand growth for both 2010 and 2011, driven by bullish sentiment about the global economic outlook.
World oil demand growth in 2010 was revised up by 190,000 barrels per day to stand at 1.3 million barrels per day, the Vienna-based oil cartel announced in its November report.
The forecast for world oil demand growth in 2011 was revised up by around 120,000 barrels per day to stand at 1.2 million barrels per day, the report said.
The demand for OPEC crude in 2010 was estimated at 28.8 million barrels per day following an upward adjustment of 300,000 barrels per day from the previous report.
In 2011, the demand from OPEC crude is expected to average 29.2 million barrels per day.
OPEC said the improved outlook for demand in developed countries was a key factor behind this adjustment. It noted that consumption in OECD countries has outpaced expectations as a result of the stronger-than-expected economic activities, supported by various stimulus plans.
OPEC also revised growth in the world economy up to 4.1 percent for 2010. Growth for 2011 remains unchanged at 3.6 percent as it was still unclear if the current momentum could be carried over into the coming year.
