22-07-08 The rise in world oil demand will drop by 0.9 mm bpd in 2008 from 1.1 mm barrels in 2007, said a report by Manouchehr Takin, a senior analyst at the London-based Centre for Global Economic Studies (CGES). According to his estimations, world oil consumption will total to 86.9 mm bpd in 2008 against 86 mm bpd in 2007.
According to the last forecast of the cartel, the oil demand of OPEC will total 32 mm bpd in 2008, which is 90,000 barrels less than in 2007. The oil demand of OPEC will drop by 710,000 barrels by 2009 and it will total 31.2 mm bpd.

The world needs more OPEC oil but the producer organization is unwilling to increase output, Energy Intelligence Group said quoting a monthly report of CGES.
“OPEC is overestimating the increase in output from non-OPEC suppliers and OPEC's claim that the world is well supplied with oil does not stand up to scrutiny. The world faces shortage of oil from mid-2006 and the only reason for output restraints is willingness of OPEC to increase output,” the report said.

The CGES argues that OPEC's expectation for non-OPEC supply this year is "unrealistic."
“OPEC is forecasting a year-on-year increase of 560,000 bpd in non-OPEC output in 2008, even though first-half production was down by around 330,000 bpd,” the report said. According to the last OPEC forecast, oil supply by non-OPEC states will go up by 0.9 mm bpd up to 51 mm bpd in 2009.