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OPEC forecasts US oil market will be a wild card in 2011
Published on August 18, 2010 by oilprices · 2 CommentsOPEC forecasts that the US will remain a “wild card” in 2011 as far as oil demand is concerned, noting that any further delay in the country’s economic recovery will of course lead to a downward revision in total world oil demand.
OPEC’s latest world oil demand growth estimate which was released last Friday predicts that world oil demand is set to increase both this year and in 2011.
“Given stabilised oil demand in the US, the world oil demand growth forecast is revised up by 0.1 million barrels per day to show growth of 1.05 million bpd or 1.2 percent,” OPEC noted in its monthly report.
OPEC’s estimates for 2011 oil demand growth by historical standards are based largely on its forecast that world GDP growth will slow marginally to 3.7 percent next year from 3.9 percent this year.
Meanwhile, OPEC member countries crude oil production has been creeping higher with output quotas, all except Iraq, produced 26.861 million barrels per day in July according to the organisation, 142,600 barrels more than in June 2010.
Tags: 2011, forecast, market, oil, oil demand, oil market, OPEC, opec forecasts, wild
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to some extend the opic future estimate of oil consumption is right. but can not not be too much incresase. because it trading on 72.88 now a days and continuous decline in price. i dont think that it will go up ward near in future or till jan 2011.
it will be in the range of 75 to 78 in dec 2010.
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I can’t wait to get into my solar home. Big Oil can shove it. It is all about greed. I hope many people look at me and do the same thing. They can raise the price of oil to two hundred barrels and I will laugh at them. Electric car sounds very good then I will be self sufficient. More people are doing just that. Tired of greed in America. Obama and Congress not doing a damn thing!