OPEC: Oil Demand Starts Growing Again
Despite marginal revisions to its global growth forecasts, OPEC said "we were right to refute" talk of "demand destruction" fueled by U.S. hurricanes and surging crude and product prices.
There is, it added, "vigorous preliminary growth data from developing countries, a brighter outlook for the world economy particularly for the U.S.A and OECD Pacific countries, and a rebound in Chinese apparent demand."
On the last point, "there are indications that Chinese demand has started to pick up."
It cited Chinese government orders to rebuild oil stockpiles from as low as three days' cover to at least 10-15 days. The end of a products export rebate and a likely surge in imports ahead of the Chinese New Year likely herald a return to strong Chinese growth, it added.