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OPEC upgrades forecast for world oil demand in 2010

VIENNA - The OPEC oil producers’ cartel upgraded slightly Tuesday its forecast for world oil demand growth next year, but said demand in advanced economies would contract again.

World oil demand “is forecast to return to growth in 2010 following two years of devastating declines,” the Organization of Petroleum Exporting Countries said in its December report.

It said demand would grow by 0.82 million barrels per day (bpd) or 0.9 percent to average 85.13 million bpd, up slightly from its previous forecast for an increase of 0.75 million bpd.

But growth would be driven by demand in developing countries, with demand in industrialised or OECD (Organisation for Economic Co-operation and Development) nations continuing to contract, the cartel said.

OECD oil demand was set to contract by 0.28 percent in 2010 after falling by a record 3.9 percent in 2009.

Last year was “one of the worst years” in terms of oil demand, with global demand estimated to have contracted by 1.39 million bpd or 1.6 percent to 84.31 millilon bpd, OPEC said.