Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

A thin line between fact-checking and propaganda in Gaza social media coverage

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive (part 2)

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive

Read more

FOCUS

Ireland's missing babies casting light on a dark history...

Read more

WEB NEWS

World Cup 2014: Germany-Brazil inspires the Web

Read more

THE INTERVIEW

Boutros-Ghali: 'I wanted to reform the UN'

Read more

IN THE PAPERS

57 000 little problems

Read more

IN THE PAPERS

The Sarkozy 'threat'

Read more

BUSINESS DAILY

Budget challenge for India's new government

Read more

  • Hamas rockets reaching deeper into Israel

    Read more

  • French companies will have to accept anonymous CVs

    Read more

  • Ukrainian forces close in on Donetsk

    Read more

  • Germany asks US intelligence station chief to leave country

    Read more

  • Death toll rises in Gaza as militants target Israeli cities

    Read more

  • UN chief Ban Ki-moon appoints new Syria mediator

    Read more

  • Video: Muslims in China confront obstacles to Ramadan fasting

    Read more

  • Tour de France passes WWI Chemin des Dames battlefield

    Read more

  • Senegalese man awarded French visa in gay marriage debate

    Read more

  • Israel steps up airstrikes as diplomacy gets under way

    Read more

  • Argentina beat Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge congressional action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    Read more

  • 100 years on, the Tour de France returns to the Western Front

    Read more

Business

OPEC demand forecasts hold steady, prices remain under $80

©

Text by News Wires

Latest update : 2009-11-12

The Organisation of Petroleum Exporting Countries said Wednesday that its demand forecasts through 2010 remain mostly unchanged but warned of risks if economic recovery remains sluggish. Crude prices rose slightly but remained under $80 a barrel.

AFP - World oil prices rose on Wednesday as traders awaited this week's snapshot of US energy inventories, and digested the latest demand growth forecasts from the OPEC crude producers' cartel.
  
New York's main contract, light sweet crude for delivery in December, added 41 cents to 79.46 dollars a barrel.
  
Brent North Sea crude for December delivery gained 47 cents to 77.97 dollars per barrel in London trading.
  
The US government's Department of Energy (DoE) will on Thursday publish a report on American crude oil stockpiles for the week ending November 6.
  
With some US markets closed on Wednesday for Veterans' Day, the DoE energy report is due one day later than normal.
  
"Oil continues to flirt with the 80-dollar level and not quite having the conviction to push on higher," said Capital Spreads analyst Simon Denham.
  
The DoE was expected to report on Thursday that American crude reserves rose 200,000 barrels last week, according to analysts polled by Dow Jones Newswires.
  
The report has the potential to move the oil market because the United States is the world's biggest energy consuming nation.
  
Meanwhile in Vienna on Wednesday, OPEC left broadly unchanged its forecasts for world oil demand growth both this year and next year, warning of downside risks should economic recovery remain weak.
  
World oil demand in 2009 was expected to contract by 1.39 million barrels per day (bpd) to 84.31 millilon bpd, the Organization of Petroleum Exporting Countries said in its November report.
  
A month ago, it had been pencilling in only a fractionally bigger contraction of 1.41 million bpd for this year.
  
Next year, world oil demand was expected to grow by 0.75 million barrels per day (bpd) to average 85.07 million bpd.
  
That figure, too, was almost unchanged from the previous forecast for growth of 0.70 million bpd.
  
"Although most of signs are pointing toward higher oil demand, the downward risk factors are weighing on the forecast," the report cautioned.
  
"The low base in world oil demand in 2009 is suggesting a stronger increase in oil demand growth for 2010. However, a potentially weak economic recovery along with higher oil prices are the two main factors that may dampen world oil demand in the coming year."
  
Should oil prices "increase and be sustained above the current level, oil demand growth will be pushed down by more than one percent" in developed countries, it said.
  
Crude oil futures had fallen on Tuesday as Hurricane Ida fizzled into a tropical depression, easing worries about the potential threat to petroleum installations in the US Gulf of Mexico.
  
Oil and gas operations have now restarted in the area after closing down ahead of the onset of Hurricane Ida, the Commonwealth Bank of Australia said in a report.

Date created : 2009-11-11

  • ENERGY

    Global oil reserves overestimated, media report says

    Read more

  • COMMENTARY

    Analysts warn of soaring fuel costs, but who calls the shots?

    Read more

Comments

COMMENT(S)