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OPEC sees flat demand for members’ crude in ‘08

07/23/2007
The Organization of Petroleum Exporting Countries expects demand for its members’ crude oil to change little next year as limits on global refining capacity continue to support oil prices.In its July Monthly Oil Market Report, OPEC projects a rise in global oil demand next year of 1.34 million b/d following an expected 1.25 million b/d increase this year. Its projection for average annual oil demand next year is 86.94 million b/d.Most of the demand growth will occur in Asian countries other than those that belong to the Organization for Economic Cooperation and Development and the Middle East.Among members of the OECD, representing most of the industrialized countries, demand growth...
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