OPEC improves forecasts for world oil demand

World oil demand in 2009 this year was expected to contract by 1.41 million barrels per day (bpd) to 84.24 millilon bpd, the Organization of Petroleum Exporting Countries said in its October report.

A month ago, OPEC had been pencilling in a fractionally bigger contraction of 1.56 million bpd for this year.

Then, in 2010, "world oil demand is anticipated to halt its decline and register growth of 0.7 million bpd to average 84.9 million bpd," the cartel said.

That figure was also upgraded from the previous report, when OPEC had been pencilling in growth next year of 0.5 million bpd.