Monday, December 28, 2009


  Here is some news. Whats interesting here ,I think, is that news like this will tend to have an effect of higher fuel prices, soon. I dont believe we are coming out of recession and nether is china, but speculators my buy-in resulting in higher prices at the pump.

World oil demand to surge in 2010
THE world oil demand in 2010 would reach 85,13 million barrels per day (mb/d), increasing by 0.82 mb/d or 0.98 per cent compared to this year, according to the forecast made by Organisation of Petroleum and Exporting Countries (OPEC), in its latest monthly oil market report, in Vienna.
OPEC has increased the world oil demand by 60,000 barrels a day in the new monthly report in comparison with the monthly report of last month.
While the forecast of world oil demand in 2009 from OPEC remained the same as the previous monthly report, it fell by 1.62 per cent compared to 2008.
The latest report said that the demand for crude oil next year in China, which would be firstly out of economic recession, would grow obviously.
It would be expected to increase by 4.5 per cent. Besides, the growth rate of oil demand in the Middle East and North America would also reach 3.34 per cent and 0.99 per cent.
However, oil demand of the Western Europe and the Organisation for Economic Co-operation and Development (OECD) countries, would be likely to keep declining, in which the Western Europe countries would reduce by 1.37 per cent and Japan would even fall by 2.03 per cent.
In the report, the demand for OPEC crude oil in 2009 was estimated to follow a downward revision from 28.67 mb/d of the previous assessment to average 28.58 mb/d.
However, the report also predicted that demand for OPEC crude oil would be expected to be 28.61 mb/d next year, an upward revision of around 10,000 barrels a day from the previous month and representing a slight increase of 30,000 barrels a day.
The upward revision of OPEC in world oil demand was based primarily on the overall global economy recovery.
It was expected in the report that the world economy would get rid of decline next year, showing a growth of 2.9 per cent from a contraction of 1.1 per cent this year.
The economy of OECD countries would expand by 1.3 per cent next year from a contraction of 3.4 per cent this year.
The United States would also grow by 1.6 per cent next year from a contraction of 2.5 per cent in 2009.
OPEC also estimated in its latest report that, the economic growth of China and India next year would reach 8.5 per cent and 6.5 per cent respectively.
In addition, the Euro zone economy would also expand from a contraction of 3.9 per cent in 2009 to 0.6 per cent in 2010.


  1. Good point we will have to wait and see.

    On another subject can you disable the word verification, it sometimes causes trouble when I try to post. I dont have that problem else-ware. I sometimes loose the server after I push the post button.

  2. Thanks, Black Dog,

    I will look in-to disabling that. I suspect the problem is in your internet speed connection. We can give it a try, If spam posts get to bad I may have to reactivate, the verification.