OPEC

LONDON (AFX) - OPEC kept its oil demand growth forecast broadly unchanged for this year, but warned if warmer weather returns over the coming weeks, it might have to reduce its forecast going forward.OPEC said while it sees 2007 oil demand growth at 1.2 mln bpd or 1.5 pct - broadly unchanged from its prior 1.25 mln bpd forecast - it has revised down its first-quarter demand growth forecast for OECD countries by 0.1 mln bpd.It added should warm weather return to the northern hemisphere over the next couple of weeks, it may have to reduce its forecast for world oil demand growth by a further 0.2 mln bpd."Consequently, the revised figure for total world oil demand growth may only reach 1 mln bpd," said OPEC. It added this would be the case despite healthy growth in China and improved growth in the Middle East.The cartel also kept its 2006 demand growth estimate unchanged at 0.8 mln bpd or 1 pct. However, it revised down its estimate for non-OPEC supply last year by 78,000 bpd to 49.5 mln bpd.For 2007, the cartel sees non-OPEC supply averaging 50.7 mln bpd, an increase of 1.2 mln bpd over the previous year but a downward revision of 173,000 bpd from the prior forecast.