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OPEC cautions about pace of US economic recovery

DUBAI, United Arab Emirates (AP) - OPEC is raising questions about how fast the U.S. economy will be able to bounce back, but is sticking to its forecast for worldwide oil demand for now.

The Organization of the Petroleum Exporting Countries said in its monthly report Wednesday that "uncertainty about the pace of the U.S. economic recovery" has the potential to push oil demand estimates lower for the world's largest oil consumer.

It says the U.S. economic rebound depends on the level of continued government support, and whether that in turn lowers unemployment.

OPEC says there is also "some uncertainty" about increased demand in China, the world's No. 2 consumer.

The 12-member group left its global forecast for oil demand growth unchanged at 800,000 barrels per day.

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  • by Anonymous on Feb 11, 2010 at 09:25 AM
    Yes, OPEC, you'll be able to raise the price of a gallon of gas above $4.00 when we have another republican president.
  • by Jason Location: Lexington on Feb 11, 2010 at 08:19 AM
    LOL @ Steve. Very True!
  • by steve on Feb 10, 2010 at 03:32 PM
    Opec it will be 2 more years as soon as we vote this idiot out!


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