Advertising

The Seattle Times Company

NWjobs | NWautos | NWhomes | NWsource | Free Classifieds | seattletimes.com

Business / Technology


Our network sites seattletimes.com | Advanced

Originally published June 10, 2011 at 4:59 AM | Page modified June 10, 2011 at 6:29 AM

OPEC: Demand outstrips OPEC supply

An OPEC report suggests that world demand for its oil is outstripping the present supply.

The Associated Press

Comments
No comments have been posted to this article.

advertising

VIENNA —

An OPEC report suggests that world demand for its oil is outstripping the present supply.

The monthly demand forecast from the Organization of The Petroleum Exporting Countries says estimated OPEC crude production last month averaged 28.97 million barrels a day. It also says that demand this year for OPEC oil is expected to average a daily 29.9 million barrels.

The report was published Friday, two days after an OPEC meeting ended in disarray, with Saudi Arabia and other Gulf members unable to push through demands to lift production ceilings. OPEC members opposed were led by Iran.

World oil demand is expected to outpace supplies later this year by the widest margin since 2007. The Saudis and their allies are likely to increase exports on their own to meet the shortfall, following the deadlock at Wednesday's meeting.

News where, when and how you want it

Email Icon

Advertising

NDN Video




Advertising