Oil Report

US EIA raises 2008 OPEC output to 32.58 mln bpd

WASHINGTON, Jan 8 (Reuters) - It will be up to OPEC producers to keep pace with rising oil demand in 2008, with non-OPEC supply projected to come in lower than expected, the U.S. Energy Information Administration said on Tuesday.

In 2008, OPEC-12 producers are expected to pump 32.58 million barrels per day, the EIA said in its monthly oil market report. That’s up from the 31.74 mln bpd in the EIA’s December 2007 forecast.

“World oil demand will continue to grow faster than oil supply outside of the Organization of the Petroleum Exporting Countries (OPEC) in 2008, leaving OPEC and inventories to offset the upward pressure on prices,” the EIA said. (Reporting by Chris Baltimore; Editing by David Gregorio)