OPEC raises forecast for 2004 oil demand

The Organisation of Petroleum Exporting Countries (OPEC) today raised its forecast for demand for oil this year, as China reports strong consumption growth in the fourth quarter.

In a monthly report, OPEC raised the forecast for full-year 2004 demand for its crude oil by 230,000 barrels per day (bpd) to 26.17m bpd, with the expectation that world demand growth will bubble to a four-year high.