Opec’s president Jose Botelho de Vasconcelos said today the group sees global oil demand growing to 106 million barrels per day in the period from last year to 2030, up 20 million barrels.

“The latest projection in Opec reference case…sees world oil demand
rising by 20 million barrels per day to 106 million barrels per day
between 2008 and 2030,” agency sources quoted Botelho de Vasconcelos as
saying.

“Projections are based on present trends and expected patterns of
behaviour, the reality may turn out to be different in an uncertain
world.” Opec’s monthly report last week raised crude demand to 750,000
bpd compared with its projection of 700,000 bpd the previous month, the
report said.

It said most signs pointed towards gradual growth in fuel consumption,
but there were risks to the downside. The group’s Angolan president
also said $80 per barrel is not high but a good price for oil.

Source: Daily Champion

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