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OPEC Holds Oil Demand Forecast Steady

OPEC Holds Oil Demand Forecast Steady - OPEC on Friday increased fractionally its oil demand forecast for 2011 and said high inventories and spare capacity should be enough to shield against any eventualities.

"Given the existing level of excess inventories, ample crude oil spare production capacity and idle refinery capacity, the market is expected to have a robust cushion against any sudden surge in demand or disruption in supply," it said in its latest monthly report.

OPEC holds oil demand forecast near steady for 2011

Adding to expectations the producer group will leave output unchanged when it meets in Quito on Saturday, it said world oil demand in 2011 would rise by 1.18 million bpd, 10,000 bpd more than it expected a month ago.

Non-OPEC supply next year was forecast at 52.62 million bpd, 100,000 bpd more than the previous forecast.

The demand for OPEC's crude next year was estimated at 29.24 million bpd, up from 28.93 million bpd in 2010 and slightly more than the roughly 29 million bpd OPEC is currently producing, according to a Reuters survey.

OPEC Holds Oil Demand Forecast Steady
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