Opec sees Q3 oil demand up despite high price

LONDON - Opec expects world oil demand to grow by nearly 1.9 million barrels a day in the third quarter this year, driven higher by strong economic growth, the oil producer group said in its monthly oil market report yesterday.


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Published: Wed 19 May 2004, 9:52 AM

Last updated: Thu 2 Apr 2015, 12:27 AM

The report from Opec's Vienna Secretariat said the group expected third quarter world oil demand to rise to 80.18 million bpd, up from 78.3 million in the second quarter.

The group saw another jump in fourth quarter demand to 82.44 million bpd, putting total world demand growth this year at 2.3 per cent - the strongest in seven years, the report said.

Oil prices have risen to 21-year highs as low fuel stocks during the seasonal second quarter demand lull sharpen concern over global supplies later in the year when demand rises.

Opec said that the rise in oil prices, above $41 a barrel for US crude, did not appear to be hurting growth, especially when a fall in the value of the dollar over the last year was taken into account. "It seems unlikely that the current strong momentum of the world economy has been greatly restrained by such a limited increase in the real oil price," Opec said.

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