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OPEC raises 2010 oil demand forecast

THE HOUSTON CHRONICLE -- CHRON.COM -- Associated Press -- CAIRO -- OPEC has raised its projections for oil demand growth this year by 100,000 barrels per day, but stresses that gains could be eroded if the U.S. government scales back on stimulus efforts before the country's economy fully recovers.

The Organization of the Petroleum Exporting Countries said in a report released today that world oil demand was projected to climb to almost 900,000 barrels per day, or 100,000 barrels a day more than its February projection.

But the 12-member group that supplies about 35 percent of the world's crude cautioned that the recovery was tied to that of the global economy. It warned that demand growth could falter should governments scale back on stimulus efforts too quickly.

OPEC is scheduled to meet March 17.

[END OF ARTICLE]

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Submitted Mar 10, 2010 By: SUVFan

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Bud122CA Champion Author California Posts:2,955 Points:675,480 Joined:Jul 2008	Message Posted: Mar 10, 2010 6:46:44 PM Ignore Bud122CA Report Abuse We need to export the dead-beats that are holding the drilling of new oil wells here in our country so we can use our own oil and not be dependant on other countries.
pliskin Champion Author Syracuse Posts:3,198 Points:976,335 Joined:Apr 2005	Message Posted: Mar 10, 2010 6:41:58 PM Ignore pliskin Report Abuse This was done to enable the price forecasts to rise and they can forecast how much they can possibly make in the upcoming years.
rjoeh Champion Author Michigan Posts:3,790 Points:1,582,765 Joined:Jun 2004	Message Posted: Mar 10, 2010 6:41:16 PM Ignore rjoeh Report Abuse Demand is a factor of spendable cash and with the extent to which many Americans are out of work... it begs the issue that american demand may not climb that much if any.
kidrockTX Champion Author Fort Worth Posts:3,854 Points:507,845 Joined:Sep 2008	Message Posted: Mar 10, 2010 6:38:33 PM Ignore kidrockTX Report Abuse only to rise the prices
Kato51 Champion Author Atlanta Posts:2,829 Points:1,273,945 Joined:Jul 2005	Message Posted: Mar 10, 2010 6:36:49 PM Ignore Kato51 Report Abuse Another means to increase the price of the gas. Isn't there something we can do with OPEC??
lembs All-Star Author San Francisco Posts:781 Points:652,045 Joined:May 2005	Message Posted: Mar 10, 2010 6:35:50 PM Ignore lembs Report Abuse all this means higher prices for the rest of us. greed reigns.
beachbumCA Champion Author Riverside Posts:4,043 Points:763,500 Joined:May 2008	Message Posted: Mar 10, 2010 6:32:28 PM Ignore beachbumCA Report Abuse The price will be going up. Look for $5.00 gallon gas.
jwduke1 Champion Author Iowa Posts:11,310 Points:2,218,360 Joined:Apr 2004	Message Posted: Mar 10, 2010 6:22:25 PM Ignore jwduke1 Report Abuse Price is going up, so its worth it to produce more.
gass12 Champion Author Omaha Posts:3,605 Points:1,338,540 Joined:Oct 2005	Message Posted: Mar 10, 2010 6:19:18 PM Ignore gass12 Report Abuse good another 100,000 barells a day should drop prices.
revON Champion Author Toronto Posts:1,219 Points:643,900 Joined:Dec 2007	Message Posted: Mar 10, 2010 6:18:38 PM Ignore revON Report Abuse GREED opec.
amearly Champion Author Michigan Posts:7,186 Points:1,493,545 Joined:Jan 2006	Message Posted: Mar 10, 2010 6:13:40 PM Ignore amearly Report Abuse What recovery ? As long as the speculators are allow to continue manipulataing the market they will always says there's more demand.
4warned Champion Author Michigan Posts:4,223 Points:1,253,935 Joined:Nov 2006	Message Posted: Mar 10, 2010 6:05:45 PM Ignore 4warned Report Abuse So our government has to create more stimulas(more dollars) to line there pockets.
bills55 Champion Author San Diego Posts:1,158 Points:299,950 Joined:Sep 2009	Message Posted: Mar 10, 2010 5:57:33 PM Ignore bills55 Report Abuse They hope
Romey08 Champion Author Virginia Posts:1,929 Points:568,300 Joined:Apr 2008	Message Posted: Mar 10, 2010 5:56:19 PM Ignore Romey08 Report Abuse A 10% increase in oil demand is a pipe dream. Folks have change their driving habit permanently by driving less with better mpg vehicles
1Casey Champion Author Albany Posts:2,127 Points:995,225 Joined:Jun 2004	Message Posted: Mar 10, 2010 5:52:40 PM Ignore 1Casey Report Abuse No more stimulus. enough
MidNJ Champion Author New Jersey Posts:1,622 Points:247,815 Joined:Sep 2009	Message Posted: Mar 10, 2010 5:52:39 PM Ignore MidNJ Report Abuse colrhino, I agree with you - we are addicted to oil. The only way to break the addiction is to explore alternate and renewable energy resources.
jscdig Champion Author Maine Posts:5,984 Points:547,840 Joined:Apr 2004	Message Posted: Mar 10, 2010 5:52:18 PM Ignore jscdig Report Abuse As the US economy "recovers", the price of a barrel of oil will recover along with it, ultimately getting to where it did in 2008. That will create another recession and oil price collapse and we'll be back to where we are now, or worse.
mvosevich Champion Author St. Louis Posts:4,310 Points:871,585 Joined:Aug 2004	Message Posted: Mar 10, 2010 5:50:57 PM Ignore mvosevich Report Abuse Screw OPEC, conserve.
ashishpa All-Star Author St. Louis Posts:728 Points:164,750 Joined:Feb 2010	Message Posted: Mar 10, 2010 5:50:17 PM Ignore ashishpa Report Abuse Biggest reason to find alternative sources so that we can reduce our dependencies on this OPEC crooks. They are just waiting for any smallest excuse to increase prices.
emptytank08 All-Star Author Pennsylvania Posts:566 Points:607,935 Joined:Aug 2008	Message Posted: Mar 10, 2010 5:38:13 PM Ignore emptytank08 Report Abuse Speculators again
madison8359 Champion Author Cleveland Posts:2,867 Points:620,335 Joined:Apr 2008	Message Posted: Mar 10, 2010 5:31:20 PM Ignore madison8359 Report Abuse Who cares what these self appointed speculators say. If we do not buy then it means nothing. Why would anyone believe anything these noted liars and thiefs say?
Ken2OD Champion Author Grand Rapids Posts:4,078 Points:995,510 Joined:Dec 2005	Message Posted: Mar 10, 2010 5:26:01 PM Ignore Ken2OD Report Abuse OPEC changes their mind about as often as Premier Barack.
pnd1 Champion Author Tallahassee Posts:1,860 Points:370,755 Joined:Jul 2009	Message Posted: Mar 10, 2010 5:25:14 PM Ignore pnd1 Report Abuse We would be rid of them completely if we were allowed to use our own resources. Drill here, drill now.
hwnguy Champion Author Honolulu Posts:2,977 Points:644,100 Joined:Apr 2008	Message Posted: Mar 10, 2010 5:25:00 PM Ignore hwnguy Report Abuse yeah, getting ready for recovery
Asbury09 Champion Author Iowa Posts:2,372 Points:556,055 Joined:Jan 2009	Message Posted: Mar 10, 2010 5:24:39 PM Ignore Asbury09 Report Abuse sounds like OPEC is preparing for the U.S. to recover
ljmatney Champion Author Wichita Posts:4,024 Points:565,120 Joined:Jul 2008	Message Posted: Mar 10, 2010 5:21:29 PM Ignore ljmatney Report Abuse Take responsibility for yourselves. Conserve and drive smart. They can't sell what you don't buy.
torch347 All-Star Author Indianapolis Posts:577 Points:475,485 Joined:Jul 2007	Message Posted: Mar 10, 2010 5:18:28 PM Ignore torch347 Report Abuse We will soon be rid of those a$$ holes who want to control everything.
fightbigoil71 Champion Author Milwaukee Posts:2,770 Points:591,110 Joined:Nov 2008	Message Posted: Mar 10, 2010 5:17:53 PM Ignore fightbigoil71 Report Abuse Here come more increases in gasoline.
colrhino Veteran Author Atlanta Posts:375 Points:117,295 Joined:Nov 2007	Message Posted: Mar 10, 2010 5:17:51 PM Ignore colrhino Report Abuse of course- we have an insatiable appetite for oil
sdslim All-Star Author Florida Posts:809 Points:920,965 Joined:Feb 2007	Message Posted: Mar 10, 2010 5:16:21 PM Ignore sdslim Report Abuse They are hoping.
carlsonguitars Champion Author Portland Posts:4,210 Points:697,070 Joined:Jan 2008	Message Posted: Mar 10, 2010 5:15:42 PM Ignore carlsonguitars Report Abuse funny, I would think that they would be honest - oh, wait... this is OPEC. My bad. OF COURSE OIL IS VERY SCARCE AND WE ARE RUNNING OUT OF IT!!! EVERYONE WANTS IT!!! YOU NEED IT!!!! PRICES SHOULD TRIPLE IN THE NEXT WEEK!!! AHHHHHHHHHH!!!!!!!!!!!!!!! I freaking hate OPEC. Dirty crooks!!!!
minnesotagirl Champion Author Milwaukee Posts:1,157 Points:284,115 Joined:Oct 2009	Message Posted: Mar 10, 2010 5:14:18 PM Ignore minnesotagirl Report Abuse More excuse for big oil to raise prices
nigelb Champion Author Virginia Posts:3,479 Points:525,800 Joined:Feb 2008	Message Posted: Mar 10, 2010 5:13:47 PM Ignore nigelb Report Abuse Another reason to develop viable alternative energy so we can be free of the opec tyrants.
tarheelcoastie All-Star Author Greensboro Posts:538 Points:202,685 Joined:Jan 2009	Message Posted: Mar 10, 2010 5:05:54 PM Ignore tarheelcoastie Report Abuse Sounds like OPEC propaganda to substantiate rising oil prices!
garman87 Champion Author Austin Posts:1,277 Points:1,508,940 Joined:Aug 2005	Message Posted: Mar 10, 2010 5:05:18 PM Ignore garman87 Report Abuse Screw OPEC. Conserve people, conserve.
MRED3 Champion Author Jacksonville Posts:2,240 Points:439,020 Joined:May 2009	Message Posted: Mar 10, 2010 5:04:25 PM Ignore MRED3 Report Abuse This tell me that the world is moving forward and the US has Hope and Change we can believe in.HA HA
batloverNM Champion Author Albuquerque Posts:1,137 Points:751,895 Joined:Oct 2007	Message Posted: Mar 10, 2010 5:04:08 PM Ignore batloverNM Report Abuse We need to get off imported oil. It costs the USA about $26 BILLION a month. Keep that money in the US where it can do us some good.
Jo120 Champion Author Arizona Posts:3,439 Points:1,308,980 Joined:Mar 2005	Message Posted: Mar 10, 2010 5:03:26 PM Ignore Jo120 Report Abuse They have been wrong before!! Let's make them wrong again!
nightworker998 All-Star Author Maryland Posts:719 Points:301,785 Joined:Mar 2009	Message Posted: Mar 10, 2010 5:01:23 PM Ignore nightworker998 Report Abuse Just what we need more upward price pressure. Of course they say demand will rise that insures their profits.
VWC Veteran Author Maryland Posts:378 Points:648,065 Joined:Oct 2004	Message Posted: Mar 10, 2010 4:59:19 PM Ignore VWC Report Abuse Got to get the speculators off.
VWC Veteran Author Maryland Posts:378 Points:648,065 Joined:Oct 2004	Message Posted: Mar 10, 2010 4:58:47 PM Ignore VWC Report Abuse Yeah. Joy oh joy!
eye-spy All-Star Author Quebec Posts:676 Points:1,462,295 Joined:Feb 2005	Message Posted: Mar 10, 2010 4:58:26 PM Ignore eye-spy Report Abuse All this "BLAH-BLAH" means higher gas prices no matter what!!! GOT TO GET OFF OF OIL!!!!
Chris46 Champion Author Dayton Posts:11,012 Points:1,246,340 Joined:Sep 2005	Message Posted: Mar 10, 2010 4:51:35 PM Ignore Chris46 Report Abuse Sounds like higher gas prices have already begun. There goes the joy of summer already!
MacDad614 All-Star Author Atlanta Posts:511 Points:404,710 Joined:Aug 2008	Message Posted: Mar 10, 2010 4:48:46 PM Ignore MacDad614 Report Abuse Prices jumped overnight / this morning here in metro Atlanta. My closest station was $2.56, but now it's $2.63. This article contains a fact - 35% of the WORLD's crude is supplied by OPEC member nations. Note that the article does not say the oil demand in the United States is projected to climb. It refers more to increase that are expected to come from China as more vehicles are sold in that country and more goods are produced / manufactured there. Wonder if they will find a pot of gold at the end of that meeting next Thursday.
balljars Champion Author Michigan Posts:3,638 Points:722,250 Joined:Aug 2008	Message Posted: Mar 10, 2010 4:48:31 PM Ignore balljars Report Abuse Screw OPEC.
BWD Champion Author Charleston Posts:2,402 Points:1,615,835 Joined:May 2004	Message Posted: Mar 10, 2010 4:46:54 PM Ignore BWD Report Abuse OPEC needs to scale back their prices.
vegaland Champion Author Houston Posts:2,403 Points:501,795 Joined:May 2006	Message Posted: Mar 10, 2010 4:46:04 PM Ignore vegaland Report Abuse They hope.
playtimeCLE Champion Author Cleveland Posts:3,185 Points:591,660 Joined:Nov 2008	Message Posted: Mar 10, 2010 4:39:44 PM Ignore playtimeCLE Report Abuse OPEC needs to realize that they are the stimulus package that the world economy needs.
94Vol Veteran Author Nashville Posts:398 Points:193,700 Joined:Nov 2008	Message Posted: Mar 10, 2010 4:39:31 PM Ignore 94Vol Report Abuse Our local gas price really jumped yesterday!!
Dipstick1 Champion Author Amarillo Posts:5,115 Points:1,472,815 Joined:Jan 2006	Message Posted: Mar 10, 2010 4:37:29 PM Ignore Dipstick1 Report Abuse There go the prices again.
GasitupJB Champion Author Columbia Posts:3,748 Points:567,850 Joined:Sep 2005	Message Posted: Mar 10, 2010 4:34:20 PM Ignore GasitupJB Report Abuse ditto
NurseKitty Rookie Author Arizona Posts:48 Points:68,135 Joined:Feb 2010	Message Posted: Mar 10, 2010 4:32:50 PM Ignore NurseKitty Report Abuse raise them prices