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OPEC sees 2010 oil demand up almost 1 percent

Tuesday, October 13, 2009

CAIRO -- OPEC says world oil demand is projected to grow by almost 1 percent in 2010 amid improvements in the global economy.

In its October Monthly Oil Market Report released on today, the 12-nation group that supplies over 35 percent of the world's oil said demand was expected to grow by 700,000 barrels per day to average 84.9 million barrels per day.

That represents a 200,000 barrel per day upward revision from the Organization of the Petroleum Exporting Countries' report in September.

OPEC says "the world economic picture is getting better than anticipated" and that improvements in the economic performance of China and advanced economies "is expected to be better than earlier forecast."

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