The Organization of Petroleum Exporting Countries (OPEC) this week revised its 2010 global oil demand upward, by about 900,000 barrels per day in 2010 as compared to last year.
OPEC pinned the oil industry rebound on stabilizing national economies around the world, especially that of the United States. Oil demand “has been highly dependent upon the world economy, supported by government-led stimulus plans,” the group said in a joint statement.
The bloc together provides roughly 35 percent of the world’s oil, and often sets production targets to manage oil prices. OPEC’s next meeting is scheduled for March 17.
OPEC pinned the oil industry rebound on stabilizing national economies around the world, especially that of the United States. Oil demand “has been highly dependent upon the world economy, supported by government-led stimulus plans,” the group said in a joint statement.
The bloc together provides roughly 35 percent of the world’s oil, and often sets production targets to manage oil prices. OPEC’s next meeting is scheduled for March 17.
Friends Read Free