OPEC say that crude consumption will rise this year, but in the fine print of its statement, the cartel undercuts its own prediction.

OPEC expects world oil demand to grow 900,000 barrels a day in 2010. That is an upward revision of 100,000 barrels a day from the previous forecast. “These stimulus plans have already done a great job of jump-starting many sectors of the economy, including energy,” a spokesman said, referring to government financial intervention to reverse GDP contraction in large nations.

But, the again, “questions remain as to how long governments will be able to afford supporting their economies. Should this support diminish, then world oil demand would of course be impacted.”

Douglas A. McIntyre