OPEC sees slower growth in oil demand in 2013

OPEC sees slower growth in oil demand in 2013

Thursday, July 12, 2012 13:11

Vienna / follow-up Baghdadiya News / .. confirmed that the OPEC world oil demand will slow in 2013 from its level in 2012 and attributed it to concerns about debt recovery in Europe and the faltering U.S. economy and slowing growth in emerging markets.
The Organization of Petroleum Exporting Countries (OPEC), which pumps a third of global oil supply that the “average daily demand for its production of crude in 2013 will remain below the levels of output current with the arrival of additional supplies from producers outside the organization, which would be sufficient to meet the modest growth of demand.”
OPEC said in a monthly report “to the crisis of the euro area, the political tensions in the Middle East and the contraction of the industry in the United States for the first time since 2010 and the slowdown in economic growth in emerging markets, fueling uncertainty regarding global economic growth.”
OPEC has kept its forecast for global demand growth for oil in 2012 unchanged at 0.9 million barrels per day and said that growth in 2013 will reach 0.82 million barrels per day.
The organization added, “can not yet exclude Greece out of the euro area with what would have on the serious implications on the economy of the euro area remains a cause for concern.
Close to expectations and the expectations of the organization by the U.S. government on Tuesday cut its estimate for global demand growth for oil in 2013 increased by 360 thousand barrels a day to be 730 thousand barrels per day.
And expected OPEC to increase supply from outside OPEC 0.7 million barrels per day in 2012 and 0.9 million in 2013.
OPEC said it was “expected to reach U.S. oil supply on average 10.07 million barrels per day in 2013, an increase of 0.37 million barrels per day from 2012, would be the highest increase among non-members of OPEC and at its highest annual level since 1986.
It quoted the Organization for the secondary sources as saying that Iran fell to 2.963 million barrels per day in June, its lowest level in more than 20 years, while Saudi Arabia re-raise production to more than 10.1 million barrels a day. / End. Agencies.
Source: albaghdadianews