Growth for global oil demand levels out

Growth for global oil demand is levelling out in 2012, the latest report from OPEC suggests. The demand growth now stands at 0.9 million barrels per day, a slight increase […]

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By Vicky Ellis

Growth for global oil demand is levelling out in 2012, the latest report from OPEC suggests. The demand growth now stands at 0.9 million barrels per day, a slight increase on last year, which followed the high peak in demand seen in the middle of 2010.

OPEC’s monthly oil report says growth has stopped its recent declining trend and is showing some growth, on the back of a more stable US economy and the shutdown of Japanese nuclear power plants. This could only be for the short-term, however.

As for oil prices, the OPEC’s reference basket for last month settled at $118.18 per barrel, representing a drop of 3.9%, although OPEC says prices are still being kept up largely because of the risks linled with “ongoing geopolitical factors”.