OPEC Still Sees Global Oil Demand Risingadmin
OPEC’s forecast for a rise in global oil demand is unchanged this month from the March outlook: up 1.2 million barrels per day this year to an average 87 million barrels per day.
That compares with last week’s outlook from the International Energy Agency for a sharp drop in global demand.
The Organization of Petroleum Exporting Countries said demand could be less than it expects if the U.S. and global economies continue to slow.
OPEC thinks petroleum consumption in developed countries was tempered by relatively mild winter weather — as well as higher prices. But ongoing strong demand from China and India, as well as developing countries in the Middle East and Latin America — will offset weaker demand in the U.S. and other industrialized nations.