Monday, October 15, 2012

OPEC expects oil demand growth slowdown in 2013


The Organization of Petroleum Exporting Countries (OPEC) dropped out the increase in global oil demand next year due to the slow growth of the world economy, reports Reuters.

Thus, in the monthly report of OPEC forecast of oil consumption is reduced by 30 thousand barrels per day compared to the September estimate. Thus, the expectation level was 780 thousand barrels per day.

However, the organization increased its forecast on the demand for crude oil produced by the participating countries, by 250 thousand barrels per day to 29.8 million, expecting a decrease in supply from non-OPEC countries.


Estimated sources Reuters, last month OPEC cut production by 265 thousand barrels per day to 31.08 million from Angola and Nigeria.

In turn, Iran, which is under pressure due to international sanctions, kept production level of 2.72 million barrels per day, while the leader in oil production in OPEC, Saudi Arabia, have reduced it by 30 thousand barrels per day to 9 72 million

"Next year, the market will continue to be characterized by a high volume of deliveries and increase production capacity", - emphasized in a report.

As previously reported, the oil going up again after two days of decline because of rising tensions in the Middle East.

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