OPEC sees oil demand  growing in 2012


VIENNA (AP) — OPEC says its estimates that world demand for crude will grow next year remain on track, despite the eurozone crisis and other economic problems.

The 12-nation group’s latest forecast is contained in its monthly report. In it, the Organization of the Petroleum Exporting Countries says world demand for 2012 is forecast to grow 1.1 million barrels a day next year.

That’s up from the 0.9 percent increase recorded last year.

The report says Monday that demand will likely drop in the major industrialized nations but grow by more than a daily 1 million barrels elsewhere.

OPEC says 2012 demand for its mebers’ oil is expected to reach 31 million barrels a day, unchanged from last year. That is an upward revision of 100,000 barrels a day from last month’s report.

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