World oil demand growth is set to flag next year in line with a slowdown in the global economy, even as supply from non-OPEC countries is seen increasing, the Organization of Petroleum Exporting Countries said in its monthly oil market report Wednesday.
World oil demand growth is set to flag next year in line with a slowdown
in the global economy, even as supply from non-OPEC countries is seen
increasing, the Organization of Petroleum Exporting Countries said in its
monthly oil market report Wednesday.
The producer group forecast that oil demand growth will slow to 0.8 million
barrels a day in 2013, but said supply from non-OPEC members will outpace this
to grow by 0.92 million barrels a day compared with this year.
Oil demand growth is expected at 0.9 million barrels a day in 2012.
Demand for OPEC crude is seen falling by 0.3 million barrels a day to 29.6
million barrels a day in 2013, below the group's current production levels,
suggesting that the world will be well-supplied in the coming year despite
increasingly tight sanctions that are affecting the supply of Iranian oil.
However, the group highlighted "considerable uncertainties" still
facing the market that could affect this forecast in coming months, with
U.S.
and
European demand presenting the biggest risks to growth even as emerging markets
push for higher consumption.
"The unsteady pace of the global economic recovery is causing a
considerable uncertainty for world oil demand," said OPEC, adding that
emerging markets are expected to drive global oil demand next year.
Based on the significant risks facing the global economy, OPEC said oil demand
growth could reach as much as 1 million barrels a day next year in the event of
strong demand growth in the
U.S.
,
improvements in OECD Europe's economies and a serious recovery in
Japan
.
However, it said that a much smaller growth rate of just 0.65 million barrels a
day was also possible if the global economic recovery slowed and high prices
affected demand.
OPEC's own production declined last month to 31.36 million barrels a day,
according to secondary sources. Iranian production fell the most, declining
188,500 barrels a day to below 3 million barrels a day in June, leading up to
the full ban on the Islamic Republic's exports imposed by the European Union
July 1.
Disclosures from OPEC members showed Saudi Arabian output bounced back above 10
million barrels a day last month, despite concerns from other member states
over the steep drop in oil prices seen in June.
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