VIENNA (MNI) – The Organization of the Petroleum Exporting
Countries on Tuesday confirmed its projections for steady growth in oil
demand next year and a pick-up in non-OPEC supply, implying a further
decline in the call on OPEC crude.
“World oil demand growth in 2013 is expected to remain at 0.8 mb/d
[million barrels per day]” the organization said in its Monthly Oil
Market Report.
“However, weakness in the global economy is causing a great deal of
uncertainty for the forecast for world oil demand, which has a downward
risk, especially in the first half of the year,” it cautioned. “A large
amount of this risk can be attributed not only to the OECD but also to
China and India.”
Non-OPEC supply growth is forecast to accelerate from 0.5 mb/d this
year to 0.9 mb/d next year. OPEC NGLs and nonconventional oils are
expected to average 5.7 mb/d in this year, a gain of 0.4 mb/d over last
year, and 6.0 mb/d in 2013.
Demand for OPEC crude for this year remains at 30.1 mb/d, down 0.1
mb/d from last year. Required OPEC crude is forecast to decline by 0.4
mb/d next year to an average of 29.7 mb/d.
Ahead of Wednesday’s OPEC meeting here, the projections confirm
prospects for easing oil market fundamentals in the coming year if there
is no change in OPEC’s current supply.
OPEC crude oil production averaged 30.78 mb/d in November, a
decline of 0.21 mb/d from October, the report said, citing secondary
sources.
The report broadly confirmed previous projections for global
economic growth next year of 3.2%, with the US up 2.0%, the Eurozone up
0.1%, China up 8.0% and India up 6.6%. The outlook for Japan’s growth
was revised down to 0.6% from 1.1%,
– Paris newsroom +331 4271 5540: ssandelius@mni-news.com
[TOPICS: MI$$$$,MI$OI$,M$$CR$,MAUDS$]
