Cairo: OPEC has raised its projections for oil demand growth this year by 100,000 barrels per day, but stresses that gains could be eroded if the US government scales back on stimulus efforts before the country’s economy fully recovers.
The Organization of the Petroleum Exporting Countries said in a report released Wednesday that world oil demand was projected to climb to almost 900,000 barrels per day, or 100,000 barrels a day more than its February projection.
But the 12-member group that supplies about 35% of the world’s crude cautioned that the recovery was tied to that of the global economy. It warned that demand growth could falter should governments scale back on stimulus efforts too quickly.
Opec is scheduled to meet 17 March.