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VIENNA - OPEC on Tuesday tweaked slighly higher its 2012 oil demand forecast following a small increase in US consumption and a "drastic" rise in Indian demand after July's huge power blackout.
The Organization of Petroleum Exporting Countries predicted in its new monthly report 2012 world oil demand of 88.74 million barrels per day (mbpd), up from the previous estimate of 88.72 mbpd, and higher than 87.89 mbpd in 2011.
"World economic turbulence did not slow oil consumption seasonality from its summer trend," OPEC said. "Not only did US oil consumption grow slightly, but Indian oil demand grew drastically."
OPEC said that Indian diesel demand "soared" to "massive" levels in late July after flooding and the collapse of three national grids blacked out more than half the country, affecting more than 600 million people.
Furthermore, the shut-down of most of Japan's nuclear power plants following the Fukushima disaster in March 2011 has led to "excess use of crude and fuel oil burning during the summer," OPEC said.
For 2013 OPEC, which pumps a third of the world's crude, predicted oil demand will be 89.55 mbpd, up slightly from their previous projection of 89.52 mbpd, representing however a slightly weaker rate of growth than in 2012.
"The economic picture is vague (for 2013) and there are plenty of potential uncertainties going forward," the monthly report said.
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