Iran sees slight increase in oil demand H2 2010

“Supply in the market is enough,” Hojjatollah Ghanimifard, deputy director of the National Iranian Oil Co., told Reuters.

The monthly report from the Organization of the Petroleum Exporting Countries, which pumps more than one in every three barrels of oil, said world oil demand would rise by 940,000 barrels per day (bpd) in 2010, 10,000 bpd lower than previously forecast.

At the same time, the group said crude oil production from countries not in OPEC would jump by 640,000 bpd this year, raising its estimate from a previous forecast of a 530,000 bpd rise.

Total world demand is seen averaging 85.4 million bpd in 2010, the group said in the report, but demand for its crude would decline by 175,000 bpd from last year.

OPEC said that while recent data indicated demand growth had been slightly higher than previously estimated during the first half of this year, demand in the second half of the year could be hit by slower-than-expected economic growth.

Reuters