VIENNA (Commodity Online) : OPEC on Tuesday said it's forecast for global oil demand remained unchanged at 1.1 percent or by 0.9 million barrels per day.
In its monthly oil market report, OPEC said although the economic recovery shows signs of improving momentum, important risks remain that could impact demand growth expectations for this year.
OPEC noted that China will continue to be the main growth driver behind oil demand growth for rest of the year, despite the recent price increase in its gasoline and diesel retail sales.
However, the forecast for 2010 will mostly depend on U.S. performance.
Apart from the U.S., all the expected growth in oil demand this year is taking place outside the OECD, led by Asia, the group said.
According to the latest report, the forecast for non-OPEC supply growth was revised by 30 trillion barrels/day.
Meanwhile, total OECD oil supply is expected to average 19.49 million barrels/day in 2010, a decline of 0.15 million barrels/day from the previous year, an upward revision of 0.10 million barrels/day.