OPEC Raises 2010 Demand Estimates

12 May 2010 (Last Updated May 12th, 2010 18:30)

OPEC has lifted estimates for global oil demand in 2010 on an optimistic outlook for economic growth in China. OPEC said it raised its forecast for worldwide crude consumption this year by 180,000bpd to 85.38 million barrels per day. OPEC's monthly report stated that China has

OPEC has lifted estimates for global oil demand in 2010 on an optimistic outlook for economic growth in China.

OPEC said it raised its forecast for worldwide crude consumption this year by 180,000bpd to 85.38 million barrels per day.

OPEC's monthly report stated that China has been among the main drivers behind oil demand growth so far this year, which should continue for the rest of the year.

Compliance among the 11 OPEC states bound by quotas went down to 51% in April as members led by Venezuela, Nigeria and Saudi Arabia raised output.

Oil producers outside OPEC will contribute 140,000bpd more to 51.67 million barrels a day in 2010, OPEC said.

OPEC projected that demand for OPEC crude will be 28.8 million barrels a day while global oil demand growth will be about 950,000bpd in 2010.

OPEC nations produce about 40% of the world's oil.