OPEC Keeps Oil Demand Forecast Steady, Warns on Europe Crisis
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The Organization of Petroleum Exporting Countries kept its forecast for 2012 oil demand unchanged, while warning that Europe’s debt crisis could harm global consumption.
Oil use will increase by 1.1 million barrels a day, or 1.2 percent, to 88.9 million a day this year, OPEC said in its monthly report today. The 69-page document made no reference to Iranian threats to block shipping traffic through the Persian Gulf. OPEC’s production rose to its highest level since October 2008, the report from its Vienna-based secretariat showed.