OPEC sees 2006 demand for its crude at 29 mbpd

Non-OPEC supply is expected to rise strongly next year, almost meeting world oil demand growth and meaning very little need for extra OPEC crude, OPEC headquarters said on Monday.

In a monthly report, OPEC’s Vienna secretariat said a balanced world market next year would require 29 million barrels daily of the cartel’s crude, only 100,000 bpd more than this year and a million barrels a day less than its latest estimate for the group’s output