OPEC: Ups 2006 oil demand forecast to 84.8 mb/day

OPEC in its monthly report upped its forecast slightly for 2006 oil demand, seeing demand rising 1.8%, or 1.5 million barrels a day, to 84.8 million barrels of oil a day. OPEC's previous estimate was for demand in 2006 of 84.73 million barrels of oil a day. It also sees world oil demand in 2005 up by 1.4%, or 1.2 million barrels, to 83.3 million barrels of oil a day. "Further undercutting the arguments for 'demand destruction,' these higher figures are supported by vigorous preliminary growth data from developing countries, a brighter outlook for the world economy - particularly for the USA and OECD Pacific countries - and a rebound in Chinese apparent demand," the oil cartel said.