The oil producers group has raised its medium and long-term forecasts for oil demand, even as it said there is uncertainty because of Europe’s sovereign debt crisis and a slowing global economy.
OPEC Secretary General Abdullah al-Badri told reporters: “There is a trend in lowering demand because of the economy, a lot of uncertainties in the world economy.”
In its 2011 World Oil Outlook report the cartel warned that uncertainty over energy and environmental policy is also confusing the picture:
Al-Badri said OPEC member countries are continuing to invest in finding oil and getting it out of the ground despite longer term uncertainties with regard to things like renewable energy, biofuels and nuclear.
Opec, which pumps more than third of the world’s crude, expects world oil demand to reach almost 93 million barrels per day (bpd) by 2015 and by 2035, is forecasting it will hit nearly 110 million bpd.
The report also reiterated OPEC’s view that Libyan output would return to pre-war levels relatively quickly — in 15 months or less. Libya produced 1.6 million bpd in January before the civil war.