Demand for OPEC oil up, cartel says

VIENNA (AFP) – OPEC’s estimate for demand for its oil in 2006 is up by 100,000 barrels per day (bpd), even if high prices are reducing growth in oil demand in certain key regions, especially Europe, the powerful cartel has said in a report.

“The estimated demand for OPEC crude in 2006 is expected to average 28.7 million bpd, representing an upward revision of 0.1 million bpd versus last month,” the 11-nation Organization of Petroleum Exporting Countries said in its monthly report for June.

OPEC said “world oil demand in 2006 is forecast to grow 1.4 million bpd or 1.6 percent to average 84.6 million bpd, broadly unchanged from last month’s estimate.”

But it said that “even though the largest share of the increase in world oil demand growth is mainly in the developing countries, signs indicate an easing in oil demand, partly due to high oil prices.”

AFP