BUSINESS

OPEC sees oil demand up this year and next as economies recover

09/11/2012 07:40 EDT | Updated 11/11/2012 05:12 EST
VIENNA - OPEC says that world economic growth above 3 per cent this year and next should drive up global oil demand by 900,000 barrels a day this year and a further 800,000 barrels in 2013.

The Organization of the Petroleum Exporting Countries issued the forecast Tuesday in its monthly report on global demand.

The report said that OPEC produced 31.41 million barrels of oil a day in August — 254,000 more a day than in July, and about 1.5 million barrels a day more than estimated demand for OPEC crude over all of 2012.