Opec may raise oil production despite falling demand

London

BRENT crude oil prices have just breached the US$80-a-barrel mark, but demand is beginning to slip even as the Organization of the Petroleum Exporting Countries (Opec) may raise production at its upcoming meeting on June 22.

The International Energy Agency (IEA) estimates that in current tight market conditions, both oil demand and supply were level, pegging at 98.1 million barrels a day (mb/d) in the first quarter.

The IEA still forecasts that global demand will grow, but has downgraded its forecast from 1.5 mb/d to 1.4 mb/d…