OPEC has held steady its forecast for oil demand this year, and forecast steady demand growth next year, saying that the strength of economic recovery was unclear.
Demand for oil this year would be 88.18 million barrels per day, an increase of 1.36 million bpd from the level in 2010, OPEC said in its monthly report. Demand would rise to 89.5 mbpd in 2012, the organisation said.
OPEC members supply about 35% of global crude oil and hold more than three quarters of reserves.
The report said: 'An unsteady world economy is negatively affecting the oil market and imposing a high range of uncertainty for the short term.'
Meanwhile, world oil prices sank this morning, extending recent losses on investor tensions over the worsening euro zone debt crisis. The market was dented by the rising dollar, which makes dollar-priced commodities become more expensive for buyers using weaker currencies, hitting demand.
US crude slid $1.08 to $94.07 a barrel, while Brent North Sea crude dropped $1.89 to $115.35.
