Opec raises 2011 demand growth forecast

The Organisation of Petroleum Exporting Countries (Opec) raised Tuesday its growth forecast for world oil demand in 2011, expecting little import from recent events in Japan and Libya. World oil demand will now grow by 1.39 million barrels per day (bpd), or 1.61 percent, to 87.94 million bpd, the cartel said in its latest monthly report. In its previous report, Opec put this year's average daily demand at 87.74 million bpd.
For 2010, demand was put at 86.55 million barrels per day - up 2.0 million bpd - it said, revising its estimate upwards slightly on the back of higher-than-expected winter consumption. Last month's earthquake and tsunami in Japan and events unfolding in Opec-member Libya would have little impact on the global demand figure for the year, Opec forecast.