Rise in oil demand seen to ease in 2013
Source: Agencies |
July 12, 2012, Thursday
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Print Edition
Print Edition
WORLD oil demand growth will slow in 2013 from a weak 2012, OPEC said yesterday, citing Europe's debt worries, a faltering US economic recovery and slower growth in emerging markets.
The Organization of the Petroleum Exporting Countries, which produces a third of global oil, said healthy output levels from non-OPEC producers next year would be enough to cover the modest growth in demand without the need for OPEC to lift output.
"Besides the eurozone crisis, tensions in the Middle East, the contraction of manufacturing in the US for the first time since 2010 and decelerating economic growth in emerging markets have been fueling uncertainties regarding global economic growth," OPEC said.
The Organization of the Petroleum Exporting Countries, which produces a third of global oil, said healthy output levels from non-OPEC producers next year would be enough to cover the modest growth in demand without the need for OPEC to lift output.
"Besides the eurozone crisis, tensions in the Middle East, the contraction of manufacturing in the US for the first time since 2010 and decelerating economic growth in emerging markets have been fueling uncertainties regarding global economic growth," OPEC said.
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