The Organization of Petroleum Exporting Countries (OPEC) says that while recovery from the global economic crisis has been faster than previously expected, pre-crisis demand levels from 2007 are unlikely to be repeated again until 2011.
OPEC now sees world oil demand growth of 1.32 million bpd or 1.6% to 85.78 million bpd for 2010, compared with 1.3% previously, while demand growth will increase by a further 1.17 million bpd or 1.4% to 86.95 million bpd in 2011, instead of by 1.2% as earlier expected.
The Energy Information Administration (EIA) expects OPEC members to earn $840 billion (616 million) from oil exports in 2011, $22 billion more than it forecast a month ago. The EIA also increased its previous forecast of OPEC's oil export revenues for 2010 by $7 billion to $748 billion.
Despite initial economic assessments that underestimated the second half of the year's economic activities, oil demand is picking up in the third and fourth quarters, OPEC writes in its latest Monthly Oil Market Report.
Consumption in the Organization for Economic Cooperation and Development has outpaced expectations as a result of the stronger-than-expected economic activities, supported by various stimulus plans, the OPEC report states.
Source: Oil & Gas Journal