No room for more oil supplies, OPEC says, United Kingdom Oil & Gas, Energy - Maktoob Business

The oil market has "no room" for more crude supplies, OPEC said on Wednesday as it trimmed its forecast for world oil demand growth in 2010 and hiked its prediction for supplies from outside the group.

The monthly report from the Organization of the Petroleum Exporting Countries, which pumps more than one in every three barrels of oil, said world oil demand would rise by 940,000 barrels per day (bpd) in 2010, 10,000 bpd lower than previously forecast.

At the same time, the group said crude oil production from countries not in OPEC would jump by 640,000 bpd this year, raising its estimate from a previous forecast of a 530,000 bpd rise.