OPEC boosts global oil-demand forecast

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The organization of the Petroleum Exporting Countries (OPEC) raised its global oil-demand forecast after this year's economic turnaround was quicker than expected, according to The Wall Street Journal.

Noting evidence that U.S. credit risk is back to normal and recognizing Germany's recent exports success, OPEC upgraded its global oil-consumption forecast by 800,000 barrels per day for 2014. It expects growth of 4.4 million barrels per day in oil demand from this year to an overall 89.9 million barrels per day in 2014.

For this year, OPEC forecasts global oil demand increasing by one million barrels per day, which is twice the amount it forecast in its previous annual report. OPEC's forecast signaled the economic recovery would continue even if oil prices increased slightly.

OPEC recently also upgraded its world economic growth forecast this year from 2.1 percent to 3.9 percent, as well as 3 percent to 3.7 percent for 2011.

11/10/2010

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