No effect of cold weather on the demand for oil

The Organization of Petroleum Exporting Countries (OPEC) said in its report published in Khaleej Times recently that oil inventories are still high enough to meet any unexpected increase in the consumption of fuel in the winter. The OPEC, which includes 12 members, forecasted in its monthly report that demand for its oil would reach 28.59 million barrels per day in 2010, down 20 thousand barrels from its forecast last month. The report reinforces the indications that the cold weather in most of the northern hemisphere earlier in January this year did not cause significant increase in demand for oil.a.a