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October 22, 2021

OPEC marginally raises global oil demand forecast for 2011

The Organization of the Petroleum ExportingCountries (OPEC) has raised its forecast for worldwideoil demand in 2011 to 87.9 million barrelsper day from the previous month’s forecast of 87.8million bpd, OPEC said on Wednesday, accordingto en.rian.ru. “The most important incident is theJapanese earthquake, which is expected to affect oildemand only marginally,” OPEC said in its report.Global oil demand is expected to grow by 1.4 millionbpd in 2011 compared with 2010, the reportsaid. “Japan’s disaster led to a sudden decline in thecountry’s use of oil as areas of the economy haltedand the transportation sector experienced a decline;however, this is likely to be offset later in the yearas the country substitutes some of its shut-innuclear power capacity with crude-burning powergeneration,” the report said. OPEC has cut itsglobal GDP growth forecast for 2011 by 0.1%from its previous forecast to 3.9%, with the worldeconomy’s growth largely expected to be maintainedby emerging countries, like China (9%) andIndia (8.1%), the report said. Analysts say the situationon the global oil market is improving.”Theworld’s oil demand will grow as the world economyis recovering from the financial and economic meltdown,”Anastasiya Sosnova, an oil analyst withIvestcafe, told RIA Novosti.”If global demand foroil grows, Russia’s oil exports are also likely toexpand as the situation in Libya and generally inthe Middle East is unstable,” Sosnova added.OPEC includes Algeria, Angola, Ecuador, Iran,Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia,the UAE and Venezuela.

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