VOL. XLVII

No 17

26-April-2004

OPEC

OPEC Raises 2004 Oil Demand Forecast

OPEC has revised its 2004 oil demand forecast up by 300,000 b/d to 80.05mn b/d due to higher prospects for economic growth and continued strength in Chinese demand, according to the April issue of the Monthly Oil Market Report. This figure indicates substantial growth of 2%, representing a four-year high and comparable only to the 2.2% growth in 1999, the report said, adding that the expected oil demand increment has risen...