OPEC ups estimate for oil demand growth despite world economic woes
VIENNA (AFP) - OPEC has slightly increased its estimate for world oil demand growth in 2007 despite current economic turmoil, the powerful cartel said in a report Tuesday.
"World oil demand growth in 2007 is forecast at 1.3 million barrels per day (bpd), or 1.5 percent, slightly higher than the estimate for last month, reflecting additional oil needs for Japanese power plants," the Organization of Petroleum Exporting Countries said in its monthly report.
UN inspectors said last week that the world's largest nuclear power plant in Japan will be closed for months, after an accident there on July 16.
OPEC noted that "over the last four weeks, prices for benchmark WTI (West Texas Intermediate -- the US benchmark) crude oil have exhibited extreme volatility," as the world economy has experienced stock market and other economic fluctuations.
"There is no doubt that the above uncertainties have clouded the outlook for oil demand," OPEC said.
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