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The OPEC oil cartel today stuck to its forecasts for global oil demand, projecting a rise of 1.0 per cent this year and of 1.2 per cent in 2014.
The Organisation of Petroleum Exporting Countries said in its October monthly report that demand would average 89.74 million barrels per day (mbpd) in 2013 and 90.78 mbpd in 2014.
It kept its economic growth forecasts at 2.9 per cent this year and 3.5 per cent in 2014, “although ongoing developments regarding the budget stand-off in the US require close monitoring,” OPEC said.
OPEC, pumping about 35 per cent of the world’s oil supply, revised upwards its oil demand forecasts for OECD members of the Americas and Europe after an “improvement of macroeconomic indicators“.
“Overall, oil demand (in Europe) continues to shrink relative to the previous year,” OPEC said, but “at a slower pace than in previous months, hinting at some improvements in the economy, particularly as the region is now officially out of recession.”
It tweaked lower its forecast for the Asia—Pacific region because of a switch to coal and gas, lacklustre economic signals and reduced subsidies in some countries.
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