OPEC leaves 2012 oil demand steady, pumps more

OPEC left its forecast for world oil demand growth in 2012 unchanged for a second month, saying there were signs that a slowdown in global economic activity was easing. In a monthly report, the Organisation of the Petroleum Exporting Countries (OPEC) said world oil demand would rise by 860,000 barrels per day (bpd) in 2012, steady from the previous assessment.
OPEC reported higher supply as Libya’s oil industry recovers, with production rising to 31.31 million bpd in March, 1.31 million bpd above target levels according to secondary sources, despite lower Iranian production. The group, in a bid to be more transparent, also began issuing production figures as reported to OPEC’s Vienna headquarters by member-countries.