29-12-07 OPEC kept its oil demand growth estimates for 2007 and 2008 unchanged and said the improving geopolitical situation and slowing economic outlook should help ease price pressures going forward.
The cartel, which supplies nearly 40 % of the world's crude oil, said in its monthly report it sees world oil demand growth at 1.2 mm bpd in 2007. The estimate is unchanged from the November report.

For 2008, the cartel sees demand growth at 1.3 mm bpd, also unchanged from the estimate in its last report.
It said while it believes price pressure will ease going forward, there is considerable uncertainty about demand growth. As a result, it has agreed on an extra output meeting on Feb. 1 in order to reassess the market and take measure to keep supply and demand in balance.