OPEC raises 2011 oil demand forecast

The Organization of Petroleum Exporting Countries raised on Monday its forecast for global oil demand for this year.

OPEC said it now expects world oil demand growth at 1.2 million barrels a day in 2011, representing an upward revision of 50,000 barrels a day from its previous estimate.

“The continued pace of the global economic recovery will have a considerable impact on world oil demand in 2011,” OPEC said in its monthly oil market report.

OPEC also said that the demand for the cartel’s crude is expected to average 29.4 million barrels of oil a day in 2011, an increase of 400,000 barrels a day over the 2010 level and an upward revision of 200,000 barrels a day over the previous assessment.

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