OPEC keeps 2010 world oil demand forecast unchanged

Evidence of an impending upturn in the world economy appears to be gathering but recovery will be slow and gradual, OPEC said on Tuesday, as the group left its world oil demand forecast for 2010 unchanged.

World oil demand was expected to fall 1.56 million barrels per day (bpd) in 2009 before rising 500,000 bpd in 2010, the Organization of the Petroleum Exporting Countries said in a monthly report.

OPEC said supplies from non-OPEC countries would rise by 420,000 bpd in 2010, supported by higher output from the United States, Russia, Norway and Azerbaijan and revisions to historical data. This is 100,000 bpd less than previously forecast.

Demand for OPEC crude will average 28.06 million bpd in 2010, down 460,000 bpd from 2009, the group’s report said. This is a smaller decline than its 480,000 bpd previous assessment.

Tags:  2010, forecast, oil demand, OPEC