The Organization of Petroleum Exporting Countries (OPEC) has revised upwards the forecast increase in oil demand in 2011.
Global demand is expected to 1.23 million barrels per day (bpd) for a total average cost of 87.3 million in 2011, a total barrel per day, grows 50,000 more than expected last month; OPEC newsletter provides the latest monthly bulletin.
Understanding manufacturers from twelve countries, which produces 40% of total crude oil in the world, explains the higher estimates of demand growth in gross domestic product of the overall situation is improving and the predictions of the cold winter Europe and North America
This is the fourth consecutive month that OPEC revised its global demand for 2011. Oil prices have raised in recent weeks, with Brent crude oil prices on the London market, the psychological barrier of $ 99 first event since 2008.
“The size and the recovery of the global economic recovery, a significant effect on global oil demand this year, the Newsletter of the OPEC, adding that the weather in the northern hemisphere slightly affected demand heating oil and fuel and petrochemical industries and transport are the main drivers of demand growth this year.
Regarding prices, said the producers’ cartel, was also in December, the average 85-90 dollars a barrel before to an average of nearly $ 90 since the beginning of the year.
“These prices are not explained by market fundamentals, argued today Abdallah Salem el-Badri, secretary general of OPEC after general in an interview with Austrian newspaper” Economic Journal, “adding that” speculators took the opportunity and pushed prices above.