Oil Supply, Demand And Price Outlook

October 2010
Venezuela Oil & Gas Report;Q4 2010, p20
Industry Profile
The article presents an outlook for oil supply, demand and prices. The 2010 global oil consumption forecast was upgraded to a 2.06% increase while the 2010 global oil production is expected to increase by 2.52%, comprised of a 3.47% surge from Organization of the Petroleum Exporting Countries (OPEC) and a 1.8% gain from non-OPEC producers. The OPEC basket price is projected to increase from 76.59 U.S. dollars per barrel in the second quarter of 2010 to 86.67 U.S. dollars and 93.35 U.S. dollars in the third and fourth quarter, respectively.


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