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OPEC shows optimism about world oil market outlook

Posted on Feb 13, 03:07PM | IANS

Vienna, Feb 13 : The Organisation of Petroleum Exporting Countries (OPEC) has revised upward the demand for crude oil in 2013, showing confidence about the future oil market.

In its monthly report released Tuesday, OPEC oil demand in 2013 was forecast at an average of 29.8 million barrels per day (mb/d), an upward adjustment of 0.1 mb/d from the previous forecast, reported Xinhua.

This increase is based on an expected world economic recovery and improving confidence in the global outlook, the Vienna-based secretariat said.

The report said thanks to growing demand from China, the forecast for world oil demand in 2013 was revised up to 0.8 mb/d.