The Organization of the Petroleum Exporting Countries (OPEC) described as “steady” its outlook for oil demand for 2010. OPEC – which supplies 35 percent of the world’s oil production – has targeted growth for the global economy at 3.1 percent with China and India continuing to lead the recovery.
“In the coming months, oil market direction will mainly depend on a continuation of the current relatively positive outlook for the global economy, especially in key countries such as the U.S and China,” OPEC said in its January Oil Market Report. “Should developments turn out to be less positive than expected, market attention will revert back to weak oil fundamentals.”
