OPEC forecasts US oil market will be a wild card in 2011
BonTradeOPEC forecasts that the US will remain a “wild card” in 2011 as far as oil demand is concerned, noting that any further delay in the country’s economic recovery will of course lead to a downward revision in total world oil demand.
OPEC’s latest world oil demand growth estimate which was released last Friday predicts that world oil demand is set to increase both this year and in 2011.
“Given stabilised oil demand in the US, the world oil demand growth forecast is revised up by 0.1 million barrels per day to show growth of 1.05 million bpd or 1.2 percent,” OPEC noted in its monthly report.
OPEC’s estimates for 2011 oil demand growth by historical standards are based largely on its forecast that world GDP growth will slow marginally to 3.7 percent next year from 3.9 percent this year.
Meanwhile, OPEC member countries crude oil production has been creeping higher with output quotas, all except Iraq, produced 26.861 million barrels per day in July according to the organisation, 142,600 barrels more than in June 2010.
- OPEC members increase global crude oil demand for 2011
- Goldman Sachs forecast that oil prices are too cheap
- Oil market report, the IEA sees higher 2010 crude oil demand
- Crude Oil Weekly Market Recap
- IEA’s Tanaka says monthly oil forecast little changed
- Brent oil price near $80 mark, OPEC oil shipments down
- Latest OPEC report says 2010 oil forecast to be trimmed
- OPEC keeps 2010 world oil demand forecast unchanged
- Brent oil price firm over $76 and could trade higher
- Oil prices fell $5 this week, fears of weak oil demand grow
- EIA oil report expects oil prices to rise higher in 2010
- Brent oil skids back under $80 as US market turns bearish
- Brent oil price surges ahead looks to Asian oil demand
- OPEC output rises, US supplies may lead to lower oil price
- Oil trading difficult to predict, well why wouldn’t it be?
- Oil prices hangs under $80, future price forecast uncertain
- Brent oil trading past $77 as oil prices set to go higher
- WTI oil trading near $76 as US stock market opens lower
- WTI oil prices see saw as mixed US data spooks the market
- WTI oil price near $75 on Dow Jones, US oil supply drop
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OPEC forecasts US oil market will be a wild card in 2011
