OPEC sees additional 20 million barrels of daily oil demand

OPEC’s president Jose Botelho de Vasconcelos said on Monday the group sees global oil demand growing to 106 million barrels per day in the period from last year to 2030, up 20 million barrels.

“The latest projection in OPEC reference case…sees world oil demand rising by 20 million barrels per day to 106 million barrels per day between 2008 and 2030,” agency sources quoted Botelho de Vasconcelos as saying.

“Projections are based on present trends and expected patterns of behaviour, the reality may turn out to be different in an uncertain world.” OPEC’s monthly report last week raised crude demand to 750,000 bpd compared with its projection of 700,000 bpd the previous month, the report said.

It said most signs pointed towards gradual growth in fuel consumption, but there were risks to the downside. The group’s Angolan president also said $80 per barrel is not high but a good price for oil.

Tags:  oil demand, OPEC