The Organization of Petroleum Exporting Countries projected that world oil demand would grow by 800,000 bpd in 2010 after declining 1.4 million bpd in 2009.

The oil demand growth estimate is predicated on the global economy growing by 3.1 percent this year, with China and India expected to lead the way.

In fact, the oil consumption decline in developed countries making up the Organization of Economic Development and Cooperation or OECD is expected to moderate as economic activity picks up, OPEC said in its January Oil Market Report.

U.S. oil major Chevron plans to restructure its global refining and marketing business in a move that could result in a number of job losses and that could see the U.S. oil giant exit some markets around the world, company spokesman Lloyd Avram said on Jan. 19.

The San Ramon, California-based company is reviewing its entire global downstream portfolio, including its five U.S. refineries, with a goal of making the unit less complex and more profitable.

No decisions have been made about which plants or markets will be affected or how many employees will be cut, Avram told Telvent DTN. Details will be coming in March and the restructuring will start in the third quarter, he added.