OPEC ups estimate for oil demand growth despite world economic woes

OPEC has slightly increased its estimate for world oil demand growth in 2007 despite current economic turmoil, the powerful cartel said in a report Tuesday.

“World oil demand growth in 2007 is forecast at 1.3 million barrels per day (bpd), or 1.5 percent, slightly higher than the estimate for last month, reflecting additional oil needs for Japanese power plants,” the Organization of Petroleum Exporting Countries said in its monthly report.

BrisbaneTimes