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OPEC ups global oil demand estimate
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Firming growth in leading economies has pushed OPEC to raise slightly its estimate for global demand for oil this year.
OPEC, which produces about 35 percent of the world’s oil, said in a report yesterday that it now expected demand to total 90.98 million barrels per day.
That is an increase of 80,000 bpd from the last estimate in January.
OPEC also revised slightly upward its estimate for how much oil was consumed last year to 89.89 million bpd.
“The United States recovery continues with a better-than-expected dynamic,” OPEC said in its monthly review of the oil market.
“The eurozone continues its recovery from a very low level and a mixed growth pattern.”
OPEC raised its estimate of demand this year from the 34 advanced democracies in the Organization for Economic Cooperation and Development.
It now estimated that this consumption would shrink by 130,000 bpd from the level last year.
The overall growth of global demand between last year and this year is being driven again by emerging economies, OPEC said.
Demand from China was expected to increase by 340,000 bpd to 10.4 million bpd.
That is in line with the increase of 330,000 bpd expected for 2013 from the 2012 level.
In North America, demand remained on a strong trend in the fourth quarter, OPEC said.
Initial data for December and January indicated that this trend would continue in the next few months.
The International Energy Agency, the oil monitoring and energy policy arm of the OECD, is to publish its monthly estimates and review today.
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