OPEC Raises Forecast

OPEC raised its demand forecast to 85.24 million barrels per day, 100,000 barrels higher than February projections. OPEC said on Wednesday that world demand is expected to grow by 900,000 barrels a day in 2010.

OPEC has not revised its production quotas since the end of 2008. With 2009 as "the worst year in the industry in oil demand since the oil crisis in the 1980's". This year OPEC members expect to earn $767 billion from oil exports, almost 34% more than last year.