OPEC sees oil demand growing in 2012

OPEC expects rise in oil demand in developing nations in 2012 to offset fall in rich countries

Associated Press
OPEC sees oil demand growing in 2012
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FILE - The Dec. 14, 2011 file photo shows a general view of a meeting of oil ministers of the Organization of the Petroleum Exporting countries, OPEC, at their headquarters in Vienna, Austria. OPEC says in its monthley report Monday, Jan. 16, 2012, estimates that world demand for crude will grow next year remain on track, even though developed nations are expected to consume less oil due to the eurozone crisis and other factors. (AP Photo/Ronald Zak, File)

VIENNA (AP) -- OPEC says its estimates that world demand for crude will grow next year remain on track, despite the eurozone crisis and other economic problems.

The 12-nation group's latest forecast is contained in its monthly report. In it, the Organization of the Petroleum Exporting Countries says world demand for 2012 is forecast to grow 1.1 million barrels a day next year.

That's up from the 0.9 percent increase recorded last year.

The report says Monday that demand will likely drop in the major industrialized nations but grow by more than a daily 1 million barrels elsewhere.

OPEC says 2012 demand for its mebers' oil is expected to reach 31 million barrels a day, unchanged from last year. That is an upward revision of 100,000 barrels a day from last month's report.

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