OPEC now projects global demand of 85.1-million b/d by year end.
Meanwhile, wire services that track OPEC output indicate that compliance with quotas remains poor. The cartel’s compliance with agreed production cuts moved down to 53.5% in January from a December level of around 56%.
Demand for OPEC crude is put at 28.8-million b/d in 2010 by the cartel, up slightly from last month, but about the same as in 2009. Most of the demand growth will come from emerging countries, with expectations of GDP growth of 9.1% in China and 7.0% in India.
OPEC cuts 2010 demand forecast
02.11.2010 - NEWS
February 11, 2010 [Opis] - The Organisation of Petroleum Exporting Countries (OPEC) has ratcheted down
its expectation for global demand growth in 2010, lowering the number by 10,000
b/d to 810,000 b/d. The lackluster economic recovery in the United States was cited as the major factor for trimming the projection. U.S. refiners of late have been running less than 14-million b/d of crude, or about 16% of worldwide output from OPEC and non-OPEC countries.
