OPEC holds oil demand forecast steady

OPEC held its 2011 oil demand growth forecast unchanged on Wednesday, cautioning that while the global oil market currently appears balanced, there is uncertainty about the U.S. economic recovery and Japanese demand.

The Organization of the Petroleum Exporting Countries, the 12-nation bloc that supplies about 35 percent of the world's oil, also said that its members produced almost 29 million barrels per day in April. That represented a 70,000 barrel per day increase over the previous month — a boost that came, in part, to offset the near halt in output from Libya.

In its latest market report, OPEC forecast global oil demand growth for 2011 at 1.4 million barrels per day, a 20,000 barrel per day upward revision from its estimate the prior month. The U.S. Energy Information Administration, the Energy Department's analytical arm, a day earlier issued a similar forecast for the year's demand growth.

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- Posted: 2011-05-11 09:23:11

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