OPEC shows optimism about world oil market outlook

The Organisation of Petroleum Exporting Countries (OPEC) has revised upward the demand for crude oil in 2013, showing confidence about the future oil market.

Last Updated: Feb 13, 2013, 12:32 PM IST

Vienna: The Organisation of Petroleum Exporting Countries (OPEC) has revised upward the demand for crude oil in 2013, showing confidence about the future oil market.

In its monthly report released Tuesday, OPEC oil demand in 2013 was forecast at an average of 29.8 million barrels per day (mb/d), an upward adjustment of 0.1 mb/d from the previous forecast, reported Xinhua.

This increase is based on an expected world economic recovery and improving confidence in the global outlook, the Vienna-based secretariat said.

The report said thanks to growing demand from China, the forecast for world oil demand in 2013 was revised up to 0.8 mb/d.

IANS