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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap OPEC lifts 2010 oil demand growth forecast AFP - Saturday, December 11 Send IM Story Print VIENNA (AFP) - – OPEC raised its forecast for oil demand in 2010 because of global economic recovery and cold weather in Europe on Friday, a day before OPEC ministers meet on production levels. "World oil demand growth in 2010 is now forecast at 1.5 million barrels per day, representing an upward revision of about 0.2 mbd," the Organization of Petroleum Exporting Countries said in its monthly report. "OECD oil demand is turning out to be stronger than expected, supported by stimulus driven economic activities," it said, putting 2010 daily demand at an average of 85.93 mbd. "Cold winter in Europe has also strengthened heating oil consumption in December," said the report. The cartel held its forecast for world oil demand growth in 2011 steady at 1.2 mbd, but with the increase in the 2010 figure, it now expects demand to average 87.1 mbd next year. OPEC ministers meet in the Ecuadoran capital Quito on Saturday with most of its 12 member countries expected to support keeping production quotas as they are, despite a recent rise in the price of oil to around 90 dollars per barrel and forecasts for an increase in demand. The cartel, which pumps more than 35 percent of the world's oil, has maintained its official production target unchanged at 24.8 million barrels a day since January 1, 2009, when it agreed to a hefty cut aimed at boosting oil prices that had tumbled to about 30 dollars a barrel because of the financial crisis. The International Energy Agency also said on Friday that world oil demand was currently showing a year-end spurt, but said that growth in demand should decline next year to 1.3 mbd. The IEA said that the OPEC meeting on Saturday was unlikely to change production quotas and looked set to reach a "quick agreement" to roll over existing targets despite the "unexpected jump in global oil demand" in the second half of this year and "sharp price increases since they last met on 14 October." But OPEC "may come under pressure to increase supplies to the market in the new year if prices continue their relentless rise," the IEA said. OPEC said it was monitoring plans for additional stimulus measures in the United States, the world's top oil consuming nation, whose economy began to recover in the second half of this year and use more fuel. "It remains to be seen what the long-term outcome of this additional stimulus will be, but it seems likely that it could have a positive impact on the short-term and could lift the growth forecast for 2011," said the cartel. Oil prices rose on Friday following strong Chinese import data, traders said. Brent North Sea crude for delivery in January climbed 41 cents to 91.40 dollars a barrel in London trade. New York's main contract, light sweet crude for January, gained 51 cents to 88.88 dollars a barrel. Recommend Send IM Story Print News Search Top Stories Pfizer pulls blood pressure drug due to fatal risk US trade deficit shrinks on exports surge Pole-dancing: world's latest craze OPEC lifts 2010 oil demand growth forecast Guarded optimism as climate talks enter night More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Europe freezes as fresh snow causes travel chaos Obama 'disappointed' by military gay ban vote In blow to Obama, allies reject tax deal Ireland plans super-tax for bankers' bonuses Parmalat boss gets 18 years for 'Europe's Enron' More Most Viewed » NASA finds new form of life... on Earth World leaders scramble for funds to save the tiger US, S.Korea plan war games after N.Korean attack Defiant Obama defends tax cuts, eyes 2012 More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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