The Organization of Petroleum Exporting Countries increased its predictions to 85.24 million barrels per day .For the Latest information regarding Crude Oil or the OPEC, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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The Organization of the Petroleum Exporting Countries, supplier of about 35% of the world's crude, raised its demand forecast to 85.24 million barrels per day, roughly 100,000 barrels per day higher than its February projections. It also said demand for OPEC crude was estimated at 29 million barrels a day — some 200,000 barrels per day more than its previous month's forecast.
Describing 2009 as "the worst year in the industry in oil demand since the oil crisis in the 1980s," the 12-member producer bloc said in its March report that global oil demand "has been highly dependent upon the world economy, supported by government-led stimulus plans."
The U.S. EIA said earlier that OPEC members stood to earn $767 billion from oil exports this year, an almost 34% gain from last year when oil prices took a hammering amid crumbling global demand.
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