Global oil demand to be 84.3 mb/d in 2009: OPEC
Published on November 16, 2009 09:27:11 IST
WTI oil prices weakened considerably on Thursday and Friday after a softening dollar propped up prices at the beginning of the week. Oil traded below $76 during intraday trading on Friday 13 November.
This bearish sentiment could continue this week and prices may stay contained in the $75 - $78 range. In October global oil supply rose by 635 kb/d to 85.6 mb/d according to the latest International Energy Agency (IEA) report. OPEC production reached 29.0 mb/d, the highest level since January 2009.
Moreover, the intergovernmental body revised its 2009 global oil demand forecast higher by 210 kb/d to 84.8 mb/d on expectations of a rather strong rebound in year-on-year growth in the fourth quarter.
Meanwhile, OPEC, which generally maintains more conservative projections, is forecasting 84.3 mb/d of global oil demand for 2009, more than 500 kb/d lower than the IEA.
