OPEC plans oil output hike
OPEC has slightly increased its estimate for world oil demand growth in 2007 despite current economic turmoil, the powerful cartel said. “World oil demand growth in 2007 is forecast at 1.3 million barrels per day (bpd), or 1.5 per cent, slightly higher than the estimate for last month, reflecting additional oil needs for Japanese power plants,” the Organisation of Petroleum Exporting Countries (OPEC) said. The United Nations inspectors said last week
that the world’s largest nuclear power plant in Japan will be closed for months, after an accident there on July 16.