CAIRO (AP) -- OPEC is holding its 2011 oil demand growth forecast unchanged, but cautions that while the market currently appears balanced, there is uncertainty about the U.S. economic recovery and Japanese demand.
The Organization of the Petroleum Exporting Countries said Wednesday in its monthly report that it saw oil demand growing at 1.4 million barrels per year, largely unchanged from the previous month.
Oil prices have remained well above $100 per barrel for weeks, boosted by disruptions in Libyan oil output and concerns that the unrest in the Arab world could spill over to key OPEC members in the region.
The 12-nation producer bloc that supplies about 35 percent of the world's crude is to meet on June 8, but is not expected to revise its output quotas.
The Organization of the Petroleum Exporting Countries said Wednesday in its monthly report that it saw oil demand growing at 1.4 million barrels per year, largely unchanged from the previous month.
Oil prices have remained well above $100 per barrel for weeks, boosted by disruptions in Libyan oil output and concerns that the unrest in the Arab world could spill over to key OPEC members in the region.
The 12-nation producer bloc that supplies about 35 percent of the world's crude is to meet on June 8, but is not expected to revise its output quotas.
