OPEC Nudges Up 2013 Global Oil Demand Forecast
(RTTNews) - The Organization of the Petroleum Exporting Countries revised its 2013 world oil demand growth forecast marginally higher at 0.80 million barrels per day (mbd), mainly based on actual and preliminary data for the first half of the year.
In its monthly Oil Market Report released Friday, the OPEC nudged up its 2013 world oil demand to 0.80 mbd, while maintaining its forecast for global oil demand growth in 2014 at 1.04 mbd.
On the supply side, non-OPEC oil supply is expected to increase by 1.0 mbd in 2013, mainly due to higher-than-expected US output. In 2014, non-OPEC oil supply is forecast to grow by 1.1 mbd, supported by projected increases in the US, Canada, Brazil, the Sudan, and Kazakhstan.
Meanwhile, the OPEC revised downwardly its world economic growth for 2013 to 2.9 percent from 3.0 percent, driven mainly by lower GDP growth estimates for the US in the first quarter, as well as the slowdown in China's economy. Growth in the US economy is revised down to 1.6 percent from the earlier 1.8 percent for 2013
Light Sweet Crude Oil (WTI) futures for September are gaining $1.15 to $104.55 a barrel.