Go Finance Reporting Riyadh - OPEC members expected to increase their oil production to meet demand in 2011 that could rose two percent. While oil prices are expected to survive like last year.
As non-OPEC oil producers are expected also to increase their production, OPEC countries will also increase their supply to global markets to meet increasing global demand, "said Minister of Petroleum and Mineral Resources of Saudi Arabia, Ali al-Naimi, quoted by AFP , on Tuesday (01/25/2011).
He was also hoping oil prices remain at the same level as last year. He was also speculated there price increases to two percent.
Head of largest OPEC oil producer said he was optimistic about the oil market situation this year is expected to experience a balance between supply and demand.
International Energy Agency (IEA), energy policy institutions and monitors 34-member Organization for Economic Cooperation and Development, said on January 18, then that growth in oil demand in 2010 is in one of the strongest level in three decades.
For your information, oil demand grew by 3.2 percent or an increase of 2.7 million barrels per day (MBD) year-on-year to 87.7 MBD.
In a report in the latest Oil Market, the IEA warned that oil prices approaching U.S. $ 100 per barrel, giving rise to real risks for the world economy. Oil prices at these figures to be a burden because of the higher five percent of gross domestic product. (GoFinance)
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