OPEC Raises 2009, 2010 Oil Demand Forecasts on Economic Rebound

(Bloomberg) — The Organization of Petroleum Exporting Countries raised its global oil demand forecasts for this year and 2010 on expectations the world economy will return to growth.

OPEC, responsible for about 40 percent of worldwide oil supply, boosted its 2010 outlook by 150,000 barrels a day and 2009 by 140,000 barrels a day. The group now predicts that consumption will contract 1.8 percent this year to average 84.05 million barrels a day, and then expand 0.6 percent in 2010 to 84.56 million a day.