Opec Expects an Increase in Demand for Oil
Posted on: Wednesday, 24 August 2005, 12:00 CDT
Opec, oil trust, expects an increase in demand for oil in 2006. According to Opec, the demand should be roughly 1.57 mil/d barrels higher in 2006 compared to 2005. Opec has estimated that the growth of demand for oil is roughly 30,000 barrels/d lower. The prospect for 2006 means a similar tempo of growth as in 2005
. The growth of demand for oil within the Organization for the Economic Co- operation and Development (OECD) will be drawn by the USA again. According to the Opec, the largest share in the growth of demand will be represented by China, nearly 25%. Opec expects countries out of Opec to decrease oil exploitation in 2006 compared to its hitherto estimate. The estimate of exploitation decreased by 148,000 barrels to 51.5 mil/d barrels. Demand for oil from the members of Opec will probably be about 29.2 mil/d barrels in 2006, 170,000/d barrels more compared to the previous estimate.Source: Access Czech Republic Business Bulletin
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