Conflicting views on 2011 oil demand

Two of the world's most influential oil forecasters yesterday gave sharply different outlooks for 2011 as the International Energy Agency (IEA) anticipated robust demand but the oil producer's group said supply was plentiful.

The relatively bearish outlook of the Organisation of Petroleum Exporting Countries (Opec) makes the case for no change in supply when the group meets today.

Opec forecast that 2011 global oil demand would increase to 1.2 million barrels per day, only 10,000 barrels more than predicted in last month's report. Daily demand will average 87.1 million barrels next year.

In its monthly update, the IEA lifted its 2011 oil demand forecast by 130,000 barrels to 1.3 million barrels. That marks a slowdown from the surge of 2.5 million barrels expected this year, from a low base.