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OPEC expects world oil demand at above 87 million bpd in 2011

Business Materials 25 January 2011 17:31

Azerbaijan, Baku, Jan. 25 / Trend A.Badalova /

World oil demand will increase in 2011 by 1.2 million bpd to 87.3 million barrels per day (bpd), the OPEC monthly report on the oil market reads.  

The highest level of demand this year will be observed in the third quarter - 88.62 million bpd. In the first quarter, the level of demand will be 86.33 million bpd, the second - 86.24 million bpd and the fourth - 88.06 million bpd.

OPEC estimates that in 2010 global oil demand was 86.09 million bpd, of which 45.96 million fell to OECD countries.

Of the total oil demand, 46.14 million barrels per day will fall to OECD in 2011.

Oil demand in China next year will grow by 0.45 million barrels per day to 9.28 million barrels per day.

World oil supply

The volume of world oil supplies was quite stable in December 2010 compared to the previous month, when world supplies increased by 0.13 million barrels per day to 87.16 million barrels per day.

OPEC's share in total world oil supply remained unchanged in December - at 34 percent.

Oil

OPEC forecasts an increase in supplies by non-OPEC at 0.41 million barrels per day to 52.67 million bpd in 2011. This figure is by 50,000 barrels per day above the amount forecast by OPEC in December 2010.

The highest level of oil supply by these countries in this year will occur in the fourth quarter - 52.98 million barrels per day. In the first quarter the figure will be 52.74 million barrels per day, the second - 52.6 million and the third - 52.35 million barrels per day.

In 2011, OECD countries will deliver 19.81 million barrels per day and the former Soviet Union - 13.33 million barrels a day.

In 2010, according to OPEC, the oil supplies by the non-OPEC countries increased by 1.13 million barrels per day to 52.26 million bpd.

The oil supplies of OECD countries were 19.89 million barrels per day and the former Soviet Union - 13.22 million barrels a day.

Global economy

In 2011, OPEC expects world economic growth at 3.9 percent compared to 4.5 percent in 2010. The U.S. economy will grow this year at 2.6 percent compared to 2.8 percent in 2010. In the euro area in 2011, OPEC forecasts economic growth at 1.2 percent in OECD countries - 2.1 percent versus 1.5 percent and 2.8 percent, respectively, in 2010.

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