In OPEC's June report, released today, the oil cartel doesn't see global demand changing much. It's sticking with its 0.9 million-barrels-per-day increase (1.1%) for the remainder of 2010. It notes that demand rose a "marginal" 0.4 mbd in the first quarter, so it's already trending a bit behind its yearly forecast.

OPEC blames "economic turbulence" for the scant demand increase for crude so far. The report breaks down demand between OECD countries (those in the Organization for Economic Cooperation and Development, mostly Europe, North America, Japan and Korea) and non-OECD, which includes emerging juggernauts China and India.

"Although the first five months of 2010 indicated a slight recovery in oil consumption, OECD is not expected to show oil demand growth this year, given the current economic circumstances, especially in the Euro-zone." The cartel sees any hopes for increased demand coming from the non-OECD region, with an increase of 1.1 mbd.

The report puts this situation as it applies to production succinctly: "This would leave no room for additional crude oil supplies in the market."

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