Oil ministers of the Organization of the Petroleum Exporting Countries meet to set quotas and to continue devising stragegies to address a reduced demand for oil in the producers' traditional markets. The Ministerial Monitoring Sub-Committee meets on Mar 16 to begin the process. The decisions are likely to reflect a new reality for oil producers -- that China and other developing nations will lead both the global economic recovery and the demand for oil in 2010, not the world's richest countries.
OPEC said in its October Monthly Oil Report that China, India, Latin America and the Middle East will account for most of the increase in oil demand. The report cautioned that the global economic recovery will be "slow and weak." Demand from the world's richest country is flagging. United States stockpiles of heating oil and diesel, the fuels known as distillates, have brimmed to a 26-year high after a series of big weekly builds, according to Reuters. The wire service notes that even a bone-chilling winter may not seriously dent supplies.
Date written/update: 2010-03-16