OPEC -2: Demand In 2002 Also Up Slightly

sg.biz.yahoo.com Saturday January 25, 12:42 AM

LONDON (Dow Jones)--The Organization of Petroleum Exporting Countries raised its forecast for 2003 demand by 80,000 barrels a day to 77.17 million b/d from earlier forecasts as colder-than-normal winter temperatures and changes to power generation in Asia boosted consumption.

In its monthly oil market report published Friday, OPEC also revised up its 2002 demand to 76.55 million b/d from 76.43 million b/d in the previous report for the same reasons.

The call on OPEC crude for 2003 was unchanged from the previous report at 24.7 million b/d.

Production from the OPEC-10, which excludes Iraq, fell 1.825 million b/d in December versus November to 24.840 million b/d due to the general strike in Venezuela which significantly reduced production and exports from the oil-rich country.

According to the report, Venezuela's output in December fell to 843,000 b/d from 2.935 million b/d in November.