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OPEC Keeps Oil Demand Growth Unchanged as Price Falls

VIENNA - Oil cartel OPEC kept its world oil demand growth projections unchanged for 2014 and 2015 on Friday, as global economy forecasts remained stable going into next year.

The estimates were issued as the price of oil continues to fall because of gloomy sentiment on the market about prospects for economic growth, notably in the Eurozone.

World demand will grow by 1.05 million barrels per day (mbpd) to 91.19 mbpd this year, the Organization of Petroleum Exporting Countries said in its latest monthly report.

For 2015, the cartel predicted demand to reach 92.38 mbpd, again unchanged from its previous forecast.

Growth was mainly supported by China, Brazil and Saudi Arabia, where consumption was on the up, despite dips in Europe and other countries of the OECD region, OPEC said in its report.

It also cited unchanged OECD forecasts on the world economy to explain its stable oil demand predictions.

Copyright Agence France-Presse, 2014

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