Oil demand weaker than expected in first half of 2006: OPEC

VIENNA (AFP) – World oil demand was weaker than expected in the first half of 2006 because increasingly efficient use of oil is limiting consumption despite economic growth,
OPEC has said in a monthly report.

“World oil demand growth in 2006 has been revised down by 0.1 million barrels per day (bpd) since the last MOMR (OPEC monthly report) to stand at 1.2 million barrels pr day,” The Organization of Petroleum Exporting Countries said in its September report on world oil markets.

“Recent data shows weaker-than-expected demand in the first half of the year,” OPEC said Friday.

Gasoline demand in the United States “grew by only 0.7 percent, well below the annual average of 1.6 percent despite the stabilization of gasoline prices.

AFP