Viena, June, 8:Crude oil demand is increasing above the expected line according to the Reuters poll that could bolster the case for OPEC to increase the output at today's meeting in Vienna.
The estimated demand for this year is 300,000 bpd which is higher than it was in the last Reuters poll in December, it happened because of the strong emerging market growth and the early indications for 2012 also reflects that the growth will quicken further.
Expectations for an extra crude oil supplies from non OPEC countries have also risen by 500,000 bpd, however the loss of Libya's output has stepped up pressure on the group.
Despite of higher forecast by analysts the OPEC secretariat's analytical arm is forecasting just 88.1 million bpd of consumption in 2011. By contrast, Deutsche Bank forecasts demand at 89.6 million bpd.
JP Morgan, is throwing their prediction that Brent crude could jump up to USD 130 a barrel in the third quarter, said demand is expected to average 89.4 million bpd this year, though it also forecast the highest figure for non-OPEC supply.
Goldman has reduced its 2011 demand estimate by 300,000 bpd since December, but has said it remains bullish of oil prices in the medium-term due to concerns about the amount of spare production capacity within OPEC.
Brent crude oil prices have risen from around USD 90 at the end of last year to near USD 115 currently, and are on course to average a record USD 110 or more for 2011.
Demand for conventional OPEC oil would be even more without the expected 500,000-bpd rise in OPEC production of crude-like natural gas liquids (NGLs) and other fuels not covered by output targets. The forecast for OPEC NGL output remain unchanged from December 2010 at 5.8 million bpd.
