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World oil demand to rise

The Organisation of Arab Petroleum Exporting Countries (OAPEC) said world oil demand and non-OPEC supply were both expected to rise in the third quarter of 1995. Kuwait-based OAPEC said in its monthly report that demand in the third quarter would rise by 1.6 percent to 68.5 million barrels per day (bpd) from 67.4 million bpd in the same period of 1994. Oil supply from non-OPEC states is expected to rise 2.4 percent to 41.7 million bpd in the third quarter of 1995 from 41 million bpd in the same period of 1994.

World commodity prices will stabilise this year but declining stocks may put food security in the least developed countries at risk, the U.N. Food and Agriculture Organization said. In its Commodity Review" for 1994/95, the Rome-based body said prices in general will be supported in 1995 by economic recovery in most developed regions and reduced stocks for several commodities.