The International Energy Agency this week raised its forecast for 2007 world oil demand growth, after revisions to its outlook for China, and told OPEC that any further supply cuts could tighten the market.
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OPEC: Oil Demand in 2007 Will Rise
OPEC sees higher demand for its crude in 2007
OPEC has raised an estimate of demand for its crude in 2007, reflecting a lower supply forecast from countries outside the group. OPEC expects demand for its crude in 2007 to average 30.25 million barrels per day, up from the 30 million bpd previously expected.
It also says global oil demand would grow by 1.2 million bpd, or 1.5 percent, this year, little changed from last month's estimate. Milder-than-usual temperatures earlier this year in top oil consumer the United States, trimmed demand for heating fuel and OPEC says a return of warmer weather could prompt a cut in expected oil demand.
The International Energy Agency this week raised its forecast for 2007 world oil demand growth, after revisions to its outlook for China, and told OPEC that any further supply cuts could tighten the market.
The International Energy Agency this week raised its forecast for 2007 world oil demand growth, after revisions to its outlook for China, and told OPEC that any further supply cuts could tighten the market.
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