OPEC Raises 2011 Forecast of Demand for Its Oil on Asia Growth
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The Organization of Petroleum Exporting Countries raised estimates for the amount of crude it will need to produce this year because of surging Asian demand.
OPEC will have to increase supplies by 400,000 barrels a day to 29.4 million a day in 2011 to meet rising demand from emerging economies, the group’s Vienna-based secretariat said in a monthly report today. That’s 200,000 barrels a day more than it forecast last month. Still, inventories remain “adequate” to meet current demand, it said.