Azerbaijan, Baku, May 14 / Trend A.Badalova /
OPEC raised its oil supply forecasts by non-OPEC countries by 0.53 million bpd to the 51.67 million bpd. This figure is by 30,000 barrels per day above the amount forecasted by OPEC last month.
The largest increase in oil supplies in 2010 will be observed in the countries of the former Soviet Union, where the volume of supplies this year will grow by 0.23 million barrels to 13.15 million barrels per day, and in China - by 0.12 million to 3.97 million barrels per day, OPEC monthly report on the oil market said.
Based on OPEC forests, oil supply by OECD countries will reach 19.49 million bpd in 2010, or 0.15 million bpd lower than the volume in 2009. In 2010, oil supplies by the United States will grow by 0.11mln bpd to 14.4 million bpd.
Crude oil production by non-OPEC countries is projected at the level of 49.57 million barrels per day this year, which is 0.46 million barrels more than the level of production last year. In the first quarter, oil production by these countries amounted to 49.94 million barrels per day.
According to OPEC, world oil supply decreased by 0.03mln bpd to 85.68 million bpd in April.
The growth of supply was caused by 0.02 million barrels increase of oil supplies by non-OPEC countries per day, and 0.01 million barrels increase by OPEC. The share of oil cartel in the global supply remained at 34 percent last month.
Oil production in the Caspian region
OPEC forecasts an increase in Azerbaijan's oil production in 2010 by 50,000 bpd to 1.07 million bpd.
Based on OPEC's monthly oil market report, the highest volume of Azerbaijan's oil production in 2011 will be seen in the fourth quarter at 1.16 million bpd. In the second quarter, the figure will amount to 1.05 million bpd and in the third - 1.1 million bpd.
The cartel expects oil production in other Caspian region countries - Kazakhstan and Russia - to reach 1.61 million bpd and 10.01 million bpd, respectively, in 2010. Oil production growth in Kazakhstan will reach 70,000 bpd and 90,000 bpd in Russia.
World demand
OPEC forecasts an increase in the world oil demand by 0.95 million bpd to 85.38 million bpd in 2010. In the first quarter of 2010, the figure hit 84.76 million bpd.
In 2010, the oil demand of OECD countries will reach 45.34 million bpd, or 0.16 million bpd less than in 2009.
Despite that the global economy demonstrates signs of improvement, still there are risks that could affect the global oil demand this year, the OPEC report said. One of the main countries contributing to the growth of demand in 2010 is China, where oil demand this year will grow by 0.45 million barrels to 8.65 million barrels per day.
Oil demand in the United States will increase by 0.29 million bpd to 23.58 million bpd, the cartel forecast.
World economy
OPEC predicts global economic growth at 3.5 percent in 2010. U.S. economic growth forecast for this year was increased from 2.6 percent to 2.8 percent. Economic growth in OECD countries will amount to 1.9 percent, in Japan - 1.5 percent, the Euro-zone - 0.6 percent, China - 9.5 percent, India - 7.1 percent.
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