OPEC Sees Demand For Its Crude Down By 0.7 Mln Bpd Next Year

Forbes – OPEC raised its forecast for demand for the cartel’s crude during 2006 but said the figure is expected to drop next year because of an increase in supply from non-OPEC producers.

In its monthly report, the cartel said demand for its crude will stand at 29.0 mln bpd this year, representing a rise of 0.2 mln bpd from last month’s forecast.

But for 2007, the cartel said demand for OPEC crude will fall to 28.3 mln bpd, a decline of 0.7 mln bpd compared to 2006, as supply from non-OPEC producers rises by 1.7 mln bpd to total 53.1 mln bpd.
Forbes