VIENNA, Oct 12 – The Organization of Oil Exporting Countries (OPEC) revised upwards on Tuesday its world oil demand growth estimate for 2010 to 1.3 percent, but held steady its forecast for next year.
"Despite some turbulence and setbacks, the global economic recovery continues to provide support for oil consumption," the cartel wrote in its October monthly bulletin.
The cartel said it was pencilling in world oil demand growth of 1.13 million barrels per day (bpd) or 1.34 percent to 85.59 million bpd for the whole of 2010, "driven by the stronger-than-expected, stimulus-led economic growth in the first half of the year."
In 2011, oil demand would then increase by a further 1.05 million bpd or 1.2 percent to 86.64 million bpd, unchanged from the previous forecast, OPEC predicted.
OPEC ministers were beginning to arrive in the Austrian capital for a regular meeting later this week to decide whether to change output levels.
All indications suggest there will be no change.
The oil minister of key OPEC member Saudi Arabia, Ali Nuaimi, said he was satisfied with oil prices and saw no need to raise crude output.
And Qatar\’s energy minister Abdullah bin Hamad al-Attiyah, speaking to reporters in Doha, said oil prices were currently "comfortable" and that OPEC will most likely maintain output levels.