The New Nation - Internet Edition

AFP, Singapore

World oil prices were flat in Asia on Saturday after a lower demand forecast from the OPEC cartel, dealers said.

The estimate issued by the Organisation of the Petroleum Exporting Countries (OPEC) coincided with a surprise increase in crude stockpiles reported by the US government.

In afternoon trade, New York's main futures contract, light sweet crude for December delivery, was unchanged at 93.43 dollars per barrel from its close in New York on Thursday, when the contract slipped 66 cents.

The December contract was set to expire on Friday.

Brent North Sea crude for January was nine cents lower at 90.14 dollars per barrel.

December's Brent contract expired at the close of trading in London, where it shed 42 cents to settle at 90.94 dollars.

On Thursday, OPEC lowered its estimate for world oil demand growth in 2007, citing a late winter and high gasoline prices in North America that seem to be reducing consumption.

The cartel, which produces about 40 percent of the world's crude, estimated demand would fall by 100,000 barrels per day in the fourth quarter this year and by 30,000 barrels per day in 2008.

IEA, energy policy adviser to major developed countries, lowered its global oil demand forecast for the fourth quarter of this year.

It cited weaker economic activity in the United States and pointed to an increase of 410,000 barrels per day in OPEC output in October.

OPEC's new estimate came as cartel ministers were defiant in the face of pressure from consumer nations to raise oil output.

Last week, New York's main contract struck an historic peak of 98.62 dollars and Brent raced to an all-time high of 95.19 dollars on fears of tight energy supplies in the United States, the world's biggest energy user.

OPEC heads of state are to hold a rare summit in Riyadh over the weekend.

The US government on Thursday reported that domestic stockpiles of crude had jumped by 2.8 million barrels to 314.7 million in the week ended November 9.