The Organization of Petroleum Exporting Countries (OPEC) has revised up its forecast for oil demand in 2009 and 2010, following signs of "restoration" of the world economy, in its monthly report published on Tuesday in Vienna.
The decline in consumption was limited to -1.65% this year instead of 1.8% previously expected, and will rise to 0.8% in 2010, against 0.6% previously raised, the report of the OPEC.
In absolute terms, OPEC increased its forecast for 2009 and 2010 by around 0.2 million barrels per day (mbd).
The organization, source of 40% of world oil, is betting on a world recession of -1.2% this year and 2.7% growth in 2010, instead of 2.3% previously.
"The world economy appears to be entering a new phase, moving from a period of limiting the effects of the crisis to a period of economic recovery," said the cartel.
Despite a recovery in U.S. oil demand in 2010 will be driven primarily by emerging powers like China and India and regions like the Middle East and Latin America, OPEC said.
Last Friday, the International Energy Agency (IEA) had also revised upwards its projection of world oil consumption in 2009, which according to the agency will suffer a decline of 1.9% compared to 2008, instead of -2.2 % in its previous monthly report.
The decline in consumption was limited to -1.65% this year instead of 1.8% previously expected, and will rise to 0.8% in 2010, against 0.6% previously raised, the report of the OPEC.
In absolute terms, OPEC increased its forecast for 2009 and 2010 by around 0.2 million barrels per day (mbd).
The organization, source of 40% of world oil, is betting on a world recession of -1.2% this year and 2.7% growth in 2010, instead of 2.3% previously.
"The world economy appears to be entering a new phase, moving from a period of limiting the effects of the crisis to a period of economic recovery," said the cartel.
Despite a recovery in U.S. oil demand in 2010 will be driven primarily by emerging powers like China and India and regions like the Middle East and Latin America, OPEC said.
Last Friday, the International Energy Agency (IEA) had also revised upwards its projection of world oil consumption in 2009, which according to the agency will suffer a decline of 1.9% compared to 2008, instead of -2.2 % in its previous monthly report.
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