OPEC sees growing world oil demand

[xchrom]

http://hosted.ap.org/dynamic/stories/E/EU_AUSTRIA_OPEC_REPORT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-08-09-06-51-46

VIENNA (AP) -- World demand for oil will grow this year and next despite signs that the tepid international economic recovery is running out steam, OPEC said Tuesday.

While revising demand growth slightly downward for both years, OPEC's monthly forecast predicted that the world's appetite for crude will show an increase of a daily 1.2 million barrels this year over last year and 1.3 million barrels a day in 2012 compared to this year.

With major consumers like the United States and the European Union facing the prospects of a return to recession, any significant growth in demand will come from other regions, said the Organization of the Petroleum Exporting Countries.

"Oil demand in the OECD is expected to continue its contraction after a temporary rebound last year," said the report, referring to the group of the world's major industrialized countries.

[asjr]

1. And the world is still

playing the fiddle.

[Kennah]

2. In the words of Gunny Hartman, "Well, no shit."