OPEC don't see impact of cold weather on demand for oil

19. January. 2010

Reuters

OPEC report said on Tuesday that oil stocks remain high enough to meet any unexpected increase in fuel consumption in winter.

The organization -which include a 12-member- predicted  in its monthly report that demand for oil reach 28.59 million barrels per day in 2010 which lower with 20,000 barrels of expectations in the last month.

The report on indicators reinforces that cold weather in most northern hemisphere in earlier time of January did not cause an increase in demand for oil, and OPEC left its forecasts about global oil demand growth this year at 820,000 barrels per day.

The report confirm that "Stocks still high enough to adapt with any sudden jump in demand in the winter.

"Survival of the stocks (high), with demand decreased and the beginning of maintenance for refineries refers to the need for continued vigilance in the coming months. "

The report also refers to a further increase in production from OPEC members in defiance of the agreed supply constraints.

And pump 11 OPEC members are subject to quotas 26.68 million barrels per day in December about 68.000 barrels per day compared with November with indicates that the level of compliance with agreed reductions in supply is 56 percent.