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OPEC revises forecast for world crude oil demand

https://www.chemnet.com   Oct 17,2007 Xinhua
VIENNA, Oct. 15 (Xinhua) -- The Organization of Petroleum Exporting Countries (OPEC) slightly revised its forecast for crude oil world demand in 2007 and 2008 in its latest monthly international oil market report, issued here Monday.

The report said the world daily average demand for crude oil would reach 85.75 million barrels in 2007, 1.28 million barrels or1.52 percent more than last year, an upward revision of 0.01 percent from the estimation in September.

OPEC estimated the world daily average demand for crude oil at 87.09 million barrels in 2008, increasing by 1.34 million barrels or 1.56 percent this year, revised down by 0.01 percent from the forecast in September.

In view of economic development in China and India, OPEC estimated world economic growth at 5.1 percent in 2007 and 4.9 percent in 2008, 0.1 percent higher than its former estimation.

According to OPEC statistics, the world's crude oil supply and demand would maintain balance in the next several quarters, and the crude oil stock in the main consumer countries would keep stable.

It also showed the commercial inventories in the United States and other countries of the Organization for Economic Co-operation and Development (OECD) would still be higher than the average level of the last five years.

The report, however, stressed that such uncertain but influential factors as geopolitical security, the development of the world economy, the climate in winter and the supply of oil by non-OPEC producers still existed in the international market.

OPEC's daily average output of crude oil in September reached 30.61 million barrels, slightly increased from the output in the previous month. Its monthly average oil prices in September reached 74.18 U.S. dollars per barrel, 5.47 dollars higher than the price in August.
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