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Fuel card news: Opec predicts continued oil demand growth

17 August, 10
Oil production cartel Opec has predicted that global demand for the commodity will continue on a steady upward trend during the remainder of 2010 and into 2011.

In its latest report, Opec boosted its last consumption forecast by 140,000 barrels per day and claimed that oil will remain much sought after by emerging markets, despite ongoing concerns about the speed of the economic rebound.

"Global economic recovery is projected to continue through the whole of 2011 with an even distribution between the first and second half of the year," the organisation stated. "Next year's oil demand growth will take place in the non-OECD [countries]."

Opec said in the new document that demand from nations such as India and China is likely to rise by as much as 200,000 barrels to 10.25 million barrels per day.

The news is unlikely to provide much comfort for struggling British drivers, who are currently paying an average of 119p for a litre of diesel, according to Petrolprices.com.

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Posted by Steve ClarkeADNFCR-2675-ID-800027590-ADNFCR

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Fuel card news: Opec predicts continued oil demand growth