Tags: ML | OPEC | Oil | Demand

OPEC: Uneven U.S. Recovery May Push Demand Lower

Wednesday, 10 Feb 2010 11:02 AM

OPEC is raising questions about how fast the U.S. economy will be able to bounce back, but is sticking to its forecast for worldwide oil demand for now.

The Organization of the Petroleum Exporting Countries said in its monthly report Wednesday that "uncertainty about the pace of the U.S. economic recovery" has the potential to push oil demand estimates lower for the world's largest oil consumer.

It says the U.S. economic rebound depends on the level of continued government support, and whether that in turn lowers unemployment.

OPEC says there is also "some uncertainty" about increased demand in China, the world's No. 2 consumer.

The 12-member group left its global forecast for oil demand growth unchanged at 800,000 barrels per day.

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OPEC is raising questions about how fast the U.S. economy will be able to bounce back, but is sticking to its forecast for worldwide oil demand for now.The Organization of the Petroleum Exporting Countries said in its monthly report Wednesday that uncertainty about the...
ML,OPEC,Oil,Demand
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2010-02-10
Wednesday, 10 Feb 2010 11:02 AM
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