OPEC raises oil demand estimates

Jan. 17, 2011 at 10:26 AM
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VIENNA, Jan. 17 (UPI) -- OPEC ministers announced Monday they raised their forecast for global oil demand for 2011.

The Organization of Petroleum Exporting Countries, based in Vienna, said it expects world oil demand growth to be 1.2 million barrels a day for this year, an upward revision of 50,000 barrels a day from its earlier estimate, MarketWatch.com reported.

"The continued pace of the global economic recovery will have a considerable impact on world oil demand in 2011," OPEC said in its monthly oil market report.

The oil cartel also said demand for crude oil is expected to average 29.4 million barrels of oil a day in 2011, a jump of 400,000 barrels a day over the 2010 level and an upward change of 200,000 barrels a day it previously estimated.

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