The Organization of Petroleum Exporting Countries (OPEC) Tuesday held steady forecasts of the world oil demand in 2012 and 2013. The organization said in its monthly oil market report that crude demand has increased 1 million barrels per day in 2012 from last year’s 88 million barrels per day as previously predicted.

OPEC keeps demand outlook unchanged for this year (photo: RTE)

According to OPEC, increasing oil demand this year is mainly due to Japan substituting oil for nuclear energy after several nuclear power plants were shut down following last year’s Fukushima disaster. India also contributed to the rise with its serious energy shortage. Meanwhile economic weaknesses lessened oil consumption in China and among OECD members. But OPEC is more optimistic about 2013 when the US – the world’s biggest oil consumer – will be seeing economic recovery and the Eurozone will possibly return to growth.