Reuter reported that OPEC slightly raised its forecast for world oil demand growth in 2010 ahead of the group policy setting meeting in Angola next week, but in a report recently it said market fundamentals could be weak for the next two quarters.

The Organization of the Petroleum Exporting Countries said it now expected oil demand to grow by 800,000 bpd up by 70,000 bpd from a report last month, following increased consumption in the United States and ongoing growth in the developing world.

While the producer group now expects global oil demand to average 85.1 million bpd in 2010, its estimate is still substantially lower than that of the International Energy Agency, the Paris based adviser to 28 industrial nations, which forecast demand at 86.3 million barrels per day on Friday.

(Sourced from Reuters)