Global oil demand growth steady -OPEC
Europe's debt crisis and an oil price rally are the biggest threats to global oil demand this year, OPEC said on Friday while adding it was still pumping above its target despite a slide in Iranian production.
March 10, 2012 4:51 by Reuters
World oil demand will rise by 900,000 barrels per day this year, OPEC said its monthly oil market report, unchanged from its last month estimate.
“Although US economic data points toward a better performance, the situation in Europe along with higher oil prices has resulted in considerable uncertainties on the future oil demand for the remainder of the year,” OPEC said.
The Organization of the Petroleum Exporting Countries had cut its forecasts for world oil demand growth last month on fears that a struggling economic recovery in developed economies could offset strong demand from China and India.
OPEC, the source of more than a third of the world’s oil, said that the slower pace of economic growth in the OECD was crimping demand and adding more uncertainty to potential consumption growth.
More on GCC
-
Qatar to announce new energy infrastructure fund
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
-
Alwaleed’s Kingdom on the prowl
-
Qatar Airways now looks to Airbus
-
World’s Longest-Range Passenger Jet
