The Moscow Times reported that the Organization of the Petroleum Exporting Countries said Tuesday that it expected a slower rebound in oil demand next year than the International Energy Agency, based on a weaker outlook for the global economy.

OPEC said in a report that worldwide crude-oil consumption will increase by 500,000 barrels per day or 0.6%, to 84.3 million barrels per day in 2010 as industrial production gradually picks up after this year’s recession. That compares with an increase of 1.4 million barrels per day or 1.7% to 85.2 million barrels per day.

OPEC’s Vienna-based secretariat said in its monthly report that “Current uncertainties are expected to continue to cast a shadow over the market in 2010. In the US stretched households will require time to readjust their balance sheets amid rising unemployment and sharply diminished wealth.”

OPEC said next year’s 2.3% increase in global gross domestic product will be driven by emerging countries, such as China and India, while economic growth among developed nations will remain “anemic,”. The Paris-based IEA, which advises 28 consuming countries, assumes a stronger global GDP rebound of 2.5%.

OPEC’s 2010 projection is 300,000 barrels per day lower than the 84.6 million barrels per day estimated in the organization’s World Oil Outlook released July 8th. The monthly report is based on more timely data than the outlook.

(Sourced from The Moscow Times)