OPEC said Wednesday global oil demand will pick up pace next year and rise by about 1 million barrels a day, but it warned of political risk to supply going forward.
OPEC said Wednesday global oil demand will pick up pace next year and
rise by about 1 million barrels a day, but it warned of political risk to
supply going forward.
The views underscore the shifting focus to geopolitical risk after a political
crisis in
Egypt
, and
away from previous attention to ample supply gushing out of
U.S.
shale
oil formations. Crude futures continued to climb Wednesday after the American
Petroleum Institute said Tuesday that
U.S.
crude
oil stocks fell more than expected last week.
In its first estimate for 2014, the Organization of the Petroleum Exporting
Countries said world oil demand will surge by 1.04 million barrels a day next
year, an increase of around 300,000 barrels compared with the growth predicted
for the current year.
In figures published in its monthly oil-market report, the group also slightly
cut oil demand growth for this year by 10,000 barrels a day, now seen at about
770,000 barrels a day.
OPEC, whose members produce more than one in three barrels consumed in the
world each day, says it won't benefit from rising oil demand. It sees demand
for its crude next year declining by about 300,000 barrels a day to average
29.6 million barrels a day.
But the organization warned its supply forecasts from rival producers were
subject to a "high level of risk"--largely due to political unrest. It
emphasized turmoil in African countries such as
South
Sudan
and in Middle-Eastern nations like
Syria
and
Yemen
.
OPEC's own production has suffered from disruptions. Last month, it fell by
about 310,000 barrels a day, as violent protests slashed about 200,000 barrels
a day of Libyan production and oil theft cut 70,000 barrels a day of Nigerian
output.
"Political instability is continuing to be the prime source of uncertainty
on the [African] continent during 2013 and 2014," the group said.
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