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OPEC raises 2010 oil demand forecast

THE HOUSTON CHRONICLE -- CHRON.COM -- Associated Press -- CAIRO -- OPEC has raised its projections for oil demand growth this year by 100,000 barrels per day, but stresses that gains could be eroded if the U.S. government scales back on stimulus efforts before the country's economy fully recovers.

The Organization of the Petroleum Exporting Countries said in a report released today that world oil demand was projected to climb to almost 900,000 barrels per day, or 100,000 barrels a day more than its February projection.

But the 12-member group that supplies about 35 percent of the world's crude cautioned that the recovery was tied to that of the global economy. It warned that demand growth could falter should governments scale back on stimulus efforts too quickly.

OPEC is scheduled to meet March 17.

[END OF ARTICLE]

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Submitted Mar 10, 2010 By: SUVFan

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1006 Veteran Author Birmingham Posts:262 Points:580,325 Joined:Apr 2008	Message Posted: Mar 11, 2010 8:55:13 PM Ignore 1006 Report Abuse they have their hand out and we keep on feeding it..
DrCashFlow Champion Author Massachusetts Posts:2,253 Points:656,020 Joined:Jun 2008	Message Posted: Mar 11, 2010 2:29:00 PM Ignore DrCashFlow Report Abuse field of dreams
Jeeputtputt All-Star Author Cincinnati Posts:529 Points:144,650 Joined:Aug 2009	Message Posted: Mar 11, 2010 7:15:27 AM Ignore Jeeputtputt Report Abuse Speculation at it's best
computernut2008 Champion Author Ohio Posts:1,474 Points:363,450 Joined:Oct 2008	Message Posted: Mar 11, 2010 12:15:13 AM Ignore computernut2008 Report Abuse OPEC is thinking of us again..They want stimulated
MyVue08 Champion Author Columbus Posts:3,790 Points:408,530 Joined:May 2009	Message Posted: Mar 10, 2010 8:54:23 PM Ignore MyVue08 Report Abuse Duplicate information Duplicate information
divebomber Champion Author Nebraska Posts:1,047 Points:807,030 Joined:Jun 2007	Message Posted: Mar 10, 2010 8:47:34 PM Ignore divebomber Report Abuse let's get out the ole bicycle:)
Rooster922 Veteran Author Wilmington Posts:395 Points:91,080 Joined:Jan 2009	Message Posted: Mar 10, 2010 8:40:57 PM Ignore Rooster922 Report Abuse Focus2: where did you get that information: Lets not forget, that high fuel costs, is what started the economic downhill slide. I thought it was Wall Street (CDO; exotic mortgages; derivatives, etc) including Financial institution we trusted. More than 200 banks closes in 2009. Actually, OPEC gave as some slacks a year ago and lower barrel of oil below $50. Now that we are over the hump and on our way to recovery, so thing are going back to normal.
FlyNFool Champion Author South Carolina Posts:3,381 Points:684,670 Joined:Aug 2008	Message Posted: Mar 10, 2010 8:32:27 PM Ignore FlyNFool Report Abuse Cha ching for OPEC.
stevekr All-Star Author Sacramento Posts:646 Points:302,225 Joined:Jul 2008	Message Posted: Mar 10, 2010 8:32:10 PM Ignore stevekr Report Abuse who cares what OPEC thinks drill in America offshore! Drill here! Drill Now! Pay Less!
mrbee All-Star Author Little Rock Posts:548 Points:1,492,685 Joined:Oct 2005	Message Posted: Mar 10, 2010 8:21:28 PM Ignore mrbee Report Abuse So!
snofog All-Star Author Seattle Posts:623 Points:92,655 Joined:Jan 2010	Message Posted: Mar 10, 2010 8:13:51 PM Ignore snofog Report Abuse Great
Focus2 Champion Author Illinois Posts:3,914 Points:1,184,800 Joined:Mar 2006	Message Posted: Mar 10, 2010 8:08:54 PM Ignore Focus2 Report Abuse Amtrgas wrote: If oil companies keep raising fuel prices. Then you can forget about an economic recovery anytime soon. Lets not forget, that high fuel costs, is what started the economic downhill slide. You're right on! We need to tell OPEC they are the cause, and they need not advise our country to borrow money for more stimulus so we can buy their oil at their price.
RobRD Champion Author Alberta Posts:3,828 Points:896,020 Joined:Jul 2007	Message Posted: Mar 10, 2010 8:08:53 PM Ignore RobRD Report Abuse Or the US economy falters due to the high price of oil.
PDQBlues Champion Author San Diego Posts:2,094 Points:465,750 Joined:Jan 2009	Message Posted: Mar 10, 2010 8:02:48 PM Ignore PDQBlues Report Abuse Oil prices go up, oil prices go down, but gas prices stay too high.
Amtrgas Champion Author Oakland Posts:2,090 Points:752,355 Joined:Dec 2007	Message Posted: Mar 10, 2010 7:47:36 PM Ignore Amtrgas Report Abuse If oil companies keep raising fuel prices. Then you can forget about an economic recovery anytime soon. Lets not forget, that high fuel costs, is what started the economic downhill slide.
Lizzylou Champion Author Stockton Posts:4,337 Points:1,464,340 Joined:Oct 2005	Message Posted: Mar 10, 2010 7:46:39 PM Ignore Lizzylou Report Abuse Love your post hoosierdaddyno1!! : - )
brus282 Champion Author North Carolina Posts:4,611 Points:939,350 Joined:Aug 2007	Message Posted: Mar 10, 2010 7:42:24 PM Ignore brus282 Report Abuse when opec speaks it is only about what they can do to make more money
OHMS Champion Author Orange County Posts:7,786 Points:873,885 Joined:May 2005	Message Posted: Mar 10, 2010 7:38:45 PM Ignore OHMS Report Abuse only black ink; they've ordered plenty of red ink from the previous soviet union
PissedCanuck Champion Author Toronto Posts:3,689 Points:789,500 Joined:Nov 2006	Message Posted: Mar 10, 2010 7:23:52 PM Ignore PissedCanuck Report Abuse The US Government can't print money forever. It HAS to scale back, otherwise they'd run out of ink.
aldog365 All-Star Author Nashville Posts:848 Points:1,106,550 Joined:Aug 2005	Message Posted: Mar 10, 2010 7:22:25 PM Ignore aldog365 Report Abuse The meeting will be about how to make the most profit.
waynemustang Champion Author Indiana Posts:3,052 Points:807,705 Joined:Nov 2006	Message Posted: Mar 10, 2010 7:16:52 PM Ignore waynemustang Report Abuse Forecast from OPEC, our enemy< means nothing.
srchr Champion Author San Jose Posts:2,286 Points:654,315 Joined:Apr 2008	Message Posted: Mar 10, 2010 7:07:22 PM Ignore srchr Report Abuse wishful thinking
hoosierdaddyno1 All-Star Author Indiana Posts:937 Points:443,215 Joined:Oct 2008	Message Posted: Mar 10, 2010 7:06:49 PM Ignore hoosierdaddyno1 Report Abuse Opec or the pirates off Somalia? Who cares ,they both win!
djgunrunner Champion Author Salt Lake City Posts:4,618 Points:1,345,215 Joined:Apr 2005	Message Posted: Mar 10, 2010 7:02:57 PM Ignore djgunrunner Report Abuse The only way we win is to continue to conserve. We can enhance our win if the government worries more about us than the big oil and opec. The American car companies already behind choose to stay behind through their lack of innovation. Its true that they are going to put out electric cars but is that the answer. They could be producing Natural Gas cars. Honda already is, the Civic. Now our companies can because they won't have to take the lead and can come in 2nd or worse place. We need to have Hydrogen come on line. Then we will get opecs attention.
DEG Champion Author Las Vegas Posts:12,634 Points:2,509,575 Joined:Jul 2003	Message Posted: Mar 10, 2010 7:02:40 PM Ignore DEG Report Abuse Wishful thinking on OPEC's part. I don't believe that the world's economies are doing all that well. Each time a recovery starts to take place the price of oil goes up and puts the skids on the economy once again.
methaneman All-Star Author Minnesota Posts:740 Points:768,075 Joined:May 2002	Message Posted: Mar 10, 2010 6:58:25 PM Ignore methaneman Report Abuse Everyone sould learn a lesson from the last time we had high energy prices
puljujarvi Champion Author Tampa Posts:3,279 Points:663,600 Joined:Sep 2008	Message Posted: Mar 10, 2010 6:53:18 PM Ignore puljujarvi Report Abuse Not likely!
netman044 Champion Author Texas Posts:3,775 Points:634,160 Joined:Sep 2005	Message Posted: Mar 10, 2010 6:48:02 PM Ignore netman044 Report Abuse If oil prices continue to increase the government won't be able to spend enough to stimulate the economy. High fuel prices are an anchor on the economy.
scrounger Champion Author Vancouver Posts:8,245 Points:2,204,190 Joined:Mar 2003	Message Posted: Mar 10, 2010 6:39:20 PM Ignore scrounger Report Abuse opec shmopec..........bandits all
SSchmidty Champion Author Illinois Posts:4,134 Points:784,395 Joined:Mar 2008	Message Posted: Mar 10, 2010 6:35:07 PM Ignore SSchmidty Report Abuse Can't believe the optimistic pillow-head wonks!
TXGasPriceSpy Champion Author Fort Worth Posts:2,485 Points:464,920 Joined:Sep 2008	Message Posted: Mar 10, 2010 6:32:48 PM Ignore TXGasPriceSpy Report Abuse I can't hardly wait for March 17th. More good news, I'm sure!!
Zeke33 Champion Author New Hampshire Posts:2,734 Points:940,710 Joined:Sep 2005	Message Posted: Mar 10, 2010 6:25:24 PM Ignore Zeke33 Report Abuse I hope that OPEC tanks.
kbierley Champion Author Dayton Posts:8,434 Points:1,044,760 Joined:Nov 2003	Message Posted: Mar 10, 2010 6:24:56 PM Ignore kbierley Report Abuse Drill for MORE U.S. Oil, NOW!
POLELANE Champion Author Ohio Posts:6,032 Points:681,570 Joined:Mar 2008	Message Posted: Mar 10, 2010 6:24:54 PM Ignore POLELANE Report Abuse Oil REQUEST not oil DEMAND forecast; who do they think they are?
suzyq2007 Champion Author Dallas Posts:2,609 Points:739,625 Joined:Oct 2007	Message Posted: Mar 10, 2010 6:23:11 PM Ignore suzyq2007 Report Abuse this is just so they can raise prices
Patch44 Champion Author Buffalo Posts:3,613 Points:871,060 Joined:Oct 2007	Message Posted: Mar 10, 2010 6:17:36 PM Ignore Patch44 Report Abuse The more we hear about energy savings the more we hear about the high demand for oil. I guess China must still be selling SUV's
trojanbuck Champion Author Dayton Posts:3,695 Points:761,990 Joined:Aug 2007	Message Posted: Mar 10, 2010 6:17:09 PM Ignore trojanbuck Report Abuse Wishful thinking on OPEC's part. Let's mortgage our grandkid's futures for the sake of bunch of greedy and worthless losers in Saudi Arabia. Too bad Congress and that jacka$$ in the White House are just stupid enough to do exactly that.
afghaned Champion Author Hamilton Posts:4,003 Points:272,425 Joined:May 2004	Message Posted: Mar 10, 2010 6:14:25 PM Ignore afghaned Report Abuse China alone may take up the extra.
bbreff Champion Author Atlanta Posts:4,974 Points:1,599,520 Joined:Jun 2005	Message Posted: Mar 10, 2010 6:13:37 PM Ignore bbreff Report Abuse WHOOPEE - How about lower prices.
PFCASTA All-Star Author Worcester Posts:678 Points:1,046,885 Joined:Apr 2006	Message Posted: Mar 10, 2010 6:13:23 PM Ignore PFCASTA Report Abuse greedy
Rick52 Champion Author Milwaukee Posts:6,260 Points:280,105 Joined:Mar 2005	Message Posted: Mar 10, 2010 6:10:07 PM Ignore Rick52 Report Abuse but stresses that gains could be eroded if the U.S. government scales back on stimulus efforts before the country's economy fully recovers. Stimulus ??????? It did nothing !!!! Except make Government BIGGER...And Americans POORER !!!
Mr.Dirt Champion Author Albany Posts:4,803 Points:1,767,185 Joined:Mar 2004	Message Posted: Mar 10, 2010 6:07:39 PM Ignore Mr.Dirt Report Abuse they hope it goes up that much
star_deceiver Champion Author British Columbia Posts:2,977 Points:676,445 Joined:Jun 2008	Message Posted: Mar 10, 2010 6:07:34 PM Ignore star_deceiver Report Abuse does dubai want to lose more money?
heysailor Champion Author Pittsburgh Posts:4,465 Points:1,318,495 Joined:Mar 2006	Message Posted: Mar 10, 2010 6:03:41 PM Ignore heysailor Report Abuse OPEC really doesn't know when to quit.
paulydel Champion Author Delaware Posts:4,023 Points:449,695 Joined:Jan 2008	Message Posted: Mar 10, 2010 5:58:07 PM Ignore paulydel Report Abuse Stimulus what a joke.
carefrey All-Star Author Orlando Posts:837 Points:189,420 Joined:Sep 2009	Message Posted: Mar 10, 2010 5:57:53 PM Ignore carefrey Report Abuse The greedy tycoon's get their way today with rising crude.
DellDude2 Champion Author Nashville Posts:3,794 Points:1,113,085 Joined:Aug 2005	Message Posted: Mar 10, 2010 5:52:35 PM Ignore DellDude2 Report Abuse OPEC can speed things along by sending THEIR stimulus monies to the good ol' USA. lol
DrivingFool2 Champion Author Wisconsin Posts:3,282 Points:608,960 Joined:Apr 2005	Message Posted: Mar 10, 2010 5:52:21 PM Ignore DrivingFool2 Report Abuse Time to really coserve
Bud122CA Champion Author California Posts:2,785 Points:641,000 Joined:Jul 2008	Message Posted: Mar 10, 2010 5:46:44 PM Ignore Bud122CA Report Abuse We need to export the dead-beats that are holding the drilling of new oil wells here in our country so we can use our own oil and not be dependant on other countries.
pliskin Champion Author Syracuse Posts:3,076 Points:941,955 Joined:Apr 2005	Message Posted: Mar 10, 2010 5:41:58 PM Ignore pliskin Report Abuse This was done to enable the price forecasts to rise and they can forecast how much they can possibly make in the upcoming years.