OPEC is seeing evidence of sluggish economic growth reflected in the demand for petroleum, and views weakness likely to persist into 2011, the cartel’s top official said Saturday.
OPEC secretary general Abdalla Salem El-Badri, speaking to global economic officials gathered in Washington, said there were signs global growth was sputtering now that many countries are ending their stimulus efforts.
‘The impact of slowing economic recovery on oil demand is already evident, as growth in oil consumption is easing in some parts of the world,’ said the head of the Organisation of Petroleum Exporting Countries.
‘Next year, the situation is not expected to improve considerably. In fact, world economic growth is projected to be lower than in the current year. Thus, continued slow growth in oil demand is expected in 2011 at around 1.0 million barrels per day, in line with the growth level of the current year.’
Moreover, he said much of the demand is coming from developing countries including China, India, and some in the Middle East and Latin America.
Agence France-Presse . Washington
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