OPEC sees higher 2010 oil demand growth - Moneycontrol.com

Global oil demand will rise more quickly than expected in 2010, OPEC said on Wednesday, increasing the need for crude from the 12-member group which meets to set policy next week.

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The monthly report from OPEC said world demand will rise by 880,000 barrels per day (bpd) in 2010, up from 810,000 bpd previously forecast. It also pointed to a further rise in production from its members in defiance of agreed output limits."Current OPEC production is likely to exceed market needs," OPEC said in the report in a commentary on the second quarter, a period of the year when demand typically declines for seasonal reasons.

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