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OPEC sees higher demand for its oil

OPEC sees higher demand for its oil (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- The Organization of Petroleum Exporting Countries estimated increased demand for its oil this year and last, according to its monthly outlook released Tuesday. OPEC estimated demand for its crude in 2010 at 29.5 millions per barrel, 200,000 barrels higher than in the previous report and about 400,00 barrels higher than 2009. In 2011, demand for OPEC crude is expected to average 29.9 million barrels per day, about 400,000 higher than a year ago and 100,000 over OPEC's previous report. OPEC also forecast global oil demand to grow by 1.4 million barrels a day in 2011, following an increase of 2 million barrels a day in 2010. "Japan's disaster led to a sudden decline in the country's use of oil. However, this should be offset by fuel substitution from nuclear to crude-burning and rebuilding operations later in the year," OPEC said.

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OPEC sees higher demand for its oil