OPEC Increased Its Oil Growth Estimate

OPEC has slightly increased its estimate for world oil demand growth in 2007 despite current economic turmoil, sending crude oil prices higher.

According to the cartel, the world oil demand growth in 2007 will be at 1.3 million barrels per day, or 1.5 percent.

The rise is slightly higher than the estimate for last month, reflecting additional oil requirements, OPEC says, for Japanese power plants.