OPEC is warning of increased pressure on its members to raise crude oil output, according to Tankerworld.  The oil cartel has amended its demand growth forecast to 1.57 mn barrels per day for 2006. This is 30 th. barrels per day more than the previous OPEC forecast and about the same as the growth rate for 2005.

OPEC believes that the United States will lead demand growth within the OECD countries. China will make up about 25% of total world oil demand growth in 2006, OPEC says in its report.
 
OPEC has adjusted its forecast for crude oil output in non-OPEC countries by 148th. barrels per day to 51.5 mn barrels per day. Projected demand for OPEC crude is estimated at 29.2 mn barrels per day which is an upward adjustment of 170 th. barrels per day.
 
With July production for OPEC at 30.2 mn barrels per day, OPEC members are already pumping 1 mn barrels per day above its anticipated requirement for 2006. The July output is 210th. barrels per day up on June output. Saudi Arabia, Iraq, Iran and the United Arab Emirates provided most of this increase. OPEC's current production quota is 28 mn barrels per day.
 
Non-OPEC supply growth in 2006 is forecast to slow due to a 6 month delay in starting up of the Thunder Horse oilfield in the US Gulf, and the loss of some production in India due to the Bombay High oilfield accident, OPEC says in its report.
 
The price of OPEC's basket of eleven crudes slipped USD 1.18 on Wednesday, to USD 57.71 from Tuesday's USD 58.89. New York's main contract, light sweet crude for delivery in September, slipped 8 cents today to USD 66 per barrel in electronic trade. In London, the price of Brent north sea crude oil for delivery in October gained 20 cents to $64.88 per barrel. The September contract which expired yesterday closed at $65.41 per barrel.