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OPEC sees higher oil demand in 2011, raises output

Demand for OPEC crude was revised up by around 400,000 barrels per day (bpd) to 29.80 million bpd this year.

February 10, 2011 2:19 by



OPEC raised its oil output to 29.72 million barrels per day in January, the highest level since December 2008 as Brent crude oil futures rose above $100 a barrel.

In its monthly report, the Organization of the Petroleum Exporting Countries said January production rose by around 400,000 barrels per day compared with the previous month.

Demand for OPEC crude was revised up by around 400,000 barrels per day (bpd) to 29.80 million bpd this year, but the group warned that oil prices would act to balance out demand.

“The down risk for the total world oil demand forecast lies with international oil prices,” OPEC said. “Should strong prices remain, this will lead to a reduction in the use of transportation fuels.”

(Reporting by Zaida Espana and Alex Lawler; editing by James Jukwey)



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