Thursday, 28 June 2012 17:56
BRUSSELS: OPEC expects global oil demand to show steady growth, particularly from big developing countries, despite the economic slowdown, a joint statement from the oil producers' group and the European Union said on Thursday.
The statement said OPEC outlined at a meeting in Brussels the varying impact on demand of the issues affecting global economic recovery.
"The slowdown in a number of economies has become more visible with a notable deceleration through declining trade activity and financial instability," the statement cited OPEC as saying.
"It was shown that oil demand in the world is set to witness steady growth, driven mainly by contributions from major developing countries, although policies aimed at alternative fuels, efficiency and higher taxes are viewed as a significant demand risk."
The statement added that in OPEC's view, "(on) the supply side, the physical market continues to be supported by adequate growth in major producing regions, as well as appropriate stock levels. Additionally, OPEC spare capacity remains effective in lessening market pressures."
Copyright Reuters, 2012