OPEC Countries Will Rival China in 08 Oil Demand Growth

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OPEC countries will rival China in global oil demand growth through 2008 and beyond, according to a report released Friday by investment firm Lehman Brothers Inc. (LEH).

Consumption of oil in countries that are members of the Organization of Petroleum Exporting Countries should grow 4.4% to 370,000 barrels per day in
2008, putting the producer group behind only China in terms of incremental demand growth, according to the report.



More than 50% of this growth will be experienced in Middle East OPEC members, with Saudi Arabia the country with the largest demand of 105,000 barrels of oil per day.

“OPEC demand continues to benefit from petrodollar fueled economic growth focused in oil-intensive sectors: infrastructure, power generations, water desalinization and petrochemicals processing,” the report notes.

Dow Jones