13-10-09 The Organization of the Petroleum Exporting Countries (OPEC) has predicted for next year an increase in global demand for crude oil and the demand increase will be driven by a global economic recovery.
The 12-nation cartel said in its latest monthly report that the 2010 world demand for crude would be 84.93 mm bpd for an increase of 0.83 %.

The increase would mainly be driven by a global economic recovery, OPEC said in its report which forecast global economy to grow by 2.7 % in 2010 as compared with a decline by 1.2 % this year.
The cartel expected that the Organization for Economic Co-operation and Development member countries would expect an average economic growth of 1.0 % while the US economy is expected to grow by 1.3 %.

Both the OECD and US economies posted negative growths this year of 3.9 % and 2.7 % respectively. The euro area is also expected to improve on its negative growth of 4.1 % this year to increase to zero growth next year.
OPEC is expecting a 3.75-% increase byChina in its demand for crude oil while Mideast countries combined to expect a demand increase of 3.1 %. Though slight, North America will see its demand for crude increase next year by 0.9 %.

On the other end of the spectrum, Western Europe and Japan will see their demands for the fossil fuel continue to fall, with a possible decline of 1.25 %.
It is in this context that OPEC forecast has increased global demand for OPEC crude on the world market to 28.39 mm bpd. OPEC's daily production in September reached 28.9 mm bpd, 43,000 barrels more than in the previous month.

The price cartel also expected to see non-OPEC oil production next year to increase by 350,000 bpd when Brazil, Azerbaijan, Canada and Kazakhstan can increase their production significantly.
OPEC said in the report that the 2009 global demand for crude oil would fall to 84.24 mm bpd, a 1.65-% drop compared with last year.