10/14/2009
In its monthly report released on Oct. 13, OPEC forecast that demand for OPEC crude would average 28.6 million bpd in 2009, which is up about 100,000 bpd from its forecast made a month ago. The oil producer group also revised upward its forecast of the call on OPEC crude in 2010. It now sees demand for OPEC crude next year averaging 28.4 million bpd, up 300,000 bpd from its previous forecast.
OPEC said that with the US oil demand bouncing back from a steep historical decline, 2009 world oil demand growth was revised up by 200,000 bpd. World oil demand growth in 2010 also has been revised up by 200,000 bpd to take into account the gradual improvement in the world economies. OPEC said it sees most of next year's demand growth taking place in the non-OECD countries, mainly China, the Middle East, India and Latin America. Much of this demand will be the result of increased demand for the industrial, transportation and the petrochemical sectors.
This expected upturn in the world economies and their oil demand growth is seen as reinforcing the increasing demand for alternative fuels. To meet this growing world demand for energy, the production of clean, efficient biofuels and other alternative energy sources will supplement traditional liquid fuel supplies.