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OPEC sees steady rise in oil needs
Source: Agencies |
November 10, 2011, Thursday
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Print Edition
OPEC yesterday held steady its forecast for oil demand growth next year, but warned that uncertainty has increased in the world's economic outlook as the eurozone nations grapple with their debt crisis.
The Organization of the Petroleum Exporting Countries, supplier of about a third of the world's oil, held its forecast for global economic growth steady at 3.6 percent for 2011, but cut its projection for next year to 3.6 percent from 3.7 percent.
OPEC said in its October monthly market report that while world oil demand growth is projected at 900,000 barrels per day in 2011 - unchanged from its September figures - demand in industrialized nations is seen dropping further "as a result of slowing economic momentum, particularly in the European Union."
Oil demand growth is also projected to hold steady at 1.2 million barrels per day in 2012, but "uncertainties in the world economic outlook for the coming year have increased due to the challenges facing the OECD (Organization for Economic Cooperation and Development) economies."
The 12-nation producer bloc will meet in December to evaluate whether to revise its members' output quotas.
The recent rally in global crude oil markets is pushing the United States benchmark crude futures contract closer to US$100 per barrel while its London-based Brent counterpart remains well above that level. Those prices are widely seen as acceptable to the OPEC members, most of whom overwhelmingly rely on revenue from oil exports for their government budgets.
Debt concerns in the EU, particularly in Greece and Italy, have weighed heavily on global financial and oil markets over the past few months, raising fears about defaults and the possibility that the world could be plunged into a recession.
The lack of change in oil demand for 2011, particularly moving into the winter when demand generally picks up, reflects the continued uncertainties in the world economy.
The Organization of the Petroleum Exporting Countries, supplier of about a third of the world's oil, held its forecast for global economic growth steady at 3.6 percent for 2011, but cut its projection for next year to 3.6 percent from 3.7 percent.
OPEC said in its October monthly market report that while world oil demand growth is projected at 900,000 barrels per day in 2011 - unchanged from its September figures - demand in industrialized nations is seen dropping further "as a result of slowing economic momentum, particularly in the European Union."
Oil demand growth is also projected to hold steady at 1.2 million barrels per day in 2012, but "uncertainties in the world economic outlook for the coming year have increased due to the challenges facing the OECD (Organization for Economic Cooperation and Development) economies."
The 12-nation producer bloc will meet in December to evaluate whether to revise its members' output quotas.
The recent rally in global crude oil markets is pushing the United States benchmark crude futures contract closer to US$100 per barrel while its London-based Brent counterpart remains well above that level. Those prices are widely seen as acceptable to the OPEC members, most of whom overwhelmingly rely on revenue from oil exports for their government budgets.
Debt concerns in the EU, particularly in Greece and Italy, have weighed heavily on global financial and oil markets over the past few months, raising fears about defaults and the possibility that the world could be plunged into a recession.
The lack of change in oil demand for 2011, particularly moving into the winter when demand generally picks up, reflects the continued uncertainties in the world economy.
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