Opec sees strong oil demand growth
(AFP)
22 January 2005
22 January 2005
PARIS - Global oil demand growth will be stronger than expected in 2005, the Opec said in its monthly report yesterday, assuring that its output would be “more than sufficient” to meet consumer needs. Opec said it was raising its forecast for global oil demand growth this year to 83.64 million barrels per day, marking an increase of two per cent on 2004.
That compared with an earlier estimate of 83.28 million bpd this year, rising 1.85 per cent in 2004.
The new forecast, which represents demand growth of 1.65 million bpd, was based on higher expectations for strong economic momentum and firm demand from developed countries and China in the final months of 2004.
The United States and big European countries were showing strong demand for oil while there were signs that booming Chinese demand might not slow as quickly as previously thought.
Nevertheless, Opec voiced confidence that its oil supply would be enough to meet demand in the months ahead.
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