World oil demand growth to remain at 1m bbl/day in 2011 - OPEC

09 September 2010 11:42  [Source: ICIS news]

OPECLONDON (ICIS)--World oil demand growth is expected to continue at the current level of 1m bbl/day in 2011 to average 86.6m bbl/day, unchanged from last month’s assessment, OPEC said in its monthly oil market report on Thursday.

“The recovery in oil demand will take place in approximately all quarters, although with more strength in the second half of the year,” it said.

“The expected growth in oil demand next year comes as a result of not only improved economic activity, but also from the low base in oil demand in 2009 and 2010,” added OPEC.

Non-OECD (Organisation for Economic Co-operation and Development) countries were expected to remain the key contributors to demand growth, led by China, India, the Middle East and Latin America, the Vienna-headquartered cartel said.

“Global oil demand was higher than expected in the first half of the year, supported by stimulus packages in key consuming countries. With these winding down, demand in the second half is expected to move lower,” said OPEC.

Non-OPEC oil production was expected to increase by 920,000 bbl/day over the previous year to average 52.06m bbl/day in 2010, an upward revision of 130,000 bbl/day compared with the previous month.

Supply from non-OPEC countries was forecast to grow by 360,000 bbl/day in 2011 to average 52.42m bbl/day.

The OPEC reference basket moved within a range of $70-79/bbl in August to average $74.15/bbl, representing an increase of $1.64 or 2.3% over the previous month.

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By: Hilde Ovrebekk
+44 20 8652 3214

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