Increasing world demand for oil

The Organization of Arab Petroleum Exporting Countries OAPEC expects word demand for oil until the end of the current year to reach 76.2 million barrels per day, representing an increase some 500,000 barrels in comparison with the figures of 2001.

In its recent monthly news bulletin, OAPEC said that it is expected that the world demand will increase for oil in the last quarter of this year to 77.6 million barrels every day.

Meantime, the Qatari oil minister Abdullah al-Ateyah said on Sunday that the world oil markets have an oil surplus despite the continued Iraqi embargo on oil exports which lasted one month, ruling out an increase in OPEC's production.

In a statement he made on Sunday in Doha, al-Ateyah said that taking a decision to increasing OPEC's production during the meeting to be held for OPEC's member states on June 26, is not expected.