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. Last Updated: 07/27/2016

OPEC Ups 2003 Demand Target 13%

NEW YORK -- OPEC, supplier of a third of the world's oil, has raised its estimate for growth in world oil demand in 2003 by 13 percent, indicating a greater need for oil later in the year.

World oil demand will rise 1.01 million barrels per day in 2003, to an average of 77.79 million, economists at OPEC's headquarters in Vienna said in a monthly report issued Friday. In June, OPEC expected demand growth this year of 890,000 bpd.

The Organization of the Petroleum Exporting Countries meets on July 31 in Vienna to consider adjusting its oil-output quotas.

Two members, Libya and Kuwait, have signaled that the group will not change quotas because of a drop in inventories and to allow time for Iraq's oil industry to recover from war.

Crude oil in London has risen about 20 percent since the end of April to almost $29 per barrel.

World demand this quarter will average 77.37 million bpd, 400,000 more than expected last month, OPEC said.

Meanwhile, top oil producer Saudi Arabia will invite tenders from international oil majors for three giant natural gas exploration projects at a meeting in London on Tuesday, the Saudi Arabian oil minister was quoted by Agence France Presse as saying Monday.

"We will offer three specific projects, each with an area of between 30,000 to 50,000 square kilometers. More areas will be offered in the future," Ali al-Nuaimi told the official SPA news agency.

(Bloomberg, MT)