World oil demand growth was weaker than expected in the first half of 2006, OPEC has said. "World oil demand growth in 2006 has been revised down by 0.1 million barrels per day (bpd) since the last MOMR (OPEC monthly report) to stand at 1.2 million bpd, as recent data shows weaker-than-expected demand in the first half of the year," it said in its report for September on world oil markets.
Gasoline demand in the United States "grew by only 0.7 percent, well below the annual average of 1.6 percent despite the stabilization of gasoline prices," the Organization of Petroleum Exporting Countries said.
"This has led to downward revisions of 0.2 million bpd and 0.1 million bpd to second- and third-quarter oil demand figures for North America," the report said.
"Developing Countries, which account for 92 percent of world oil demand growth, are expected to see incremental demand of 0.6 million bpd for the year."
Meanwhile, "Chinas accelerating economy continues to exceed expectations and oil demand growth could reach 8.3 percent by year-end," the report said.
Predictions of the growth in world oil demand are "unchanged at 1.3 million bpd or 1.5 percent," OPEC said, adding that as in 2006, "the lions share of oil demand growth in 2007 will come from developing countries."
