OPEC raises 2005 call on OPEC oil 120,000 b/d to 29.11-mil b/d
London (Platts)--15Apr2005
OPEC on Friday raised a forecast for growth in world oil demand this year for the fifth straight month and lowered an estimate for supply from rival producers, boosting the need for its oil. Demand will grow by 1.89-mil d/d, 30,000 b/d more than expected last month, economists at OPEC's Vienna headquarters said in the group's oil market report for April. OPEC also trimmed a forecast for supply from non-member countries this year by 70,000-b/d, and lifted an estimate for average demand for its crude this year, known as the call on OPEC, by 120,000 b/d to 29.11-mil b/d. "The slight revision made in this month's report is mainly due to lower than normal temperatures in the northern hemisphere during the second half of February and the first half of March," the report said. OPEC's outlook comes as the group is considering a proposal to lift its formal output target by 500,000 b/d for a second time this year, a plan several member-countries have questioned because of a drop in prices this month. More information about OPEC can be found in Platts Guide http://www.platts.com/Oil/Resources/News%20Features/opec/index.xml
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