OPEC Forecasts Decline in Growth of World Oil Demand in 2008

Oil&Gas Materials 22 September 2008 14:31 (UTC +04:00)

Azerbaijan, Baku, 22 September/ Trend , A. Badalova/ The world oil demand will go up by 0.9mln barrels to 86.8mln barrels a day in 2008, September report of OPEC on oil market said.

This indicator is 0.18mln barrels less than the volume forecast by OPEC last month. OPEC says the key reason for decline in the forecast is the sharp drop in oil demand in North America. OPEC forecast places oil demand in this contingent at 25.02mln barrels a day.

In the third quarter, world oil demand will total to 86.44mln barrels a day and 88.46mln barrels a day in the fourth quarter.

The oil demand in member states of Organization of Economic Cooperation and Development (OECD) will make up 48.65mln barrels a day in 2008 which is 0.54mln barrels a day less than the demand in 2007. In post soviet countries, oil consumption will make up 4.1mln barrels a day in 2008.

In 2009, world oil demand will amount to 87.7mln barrels a day with an increase of 0.9mln barrels, according to OPEC forecast.

Oil demand in non-OECD countries will make up 1.3mln barrels a day in 2009. The oil demand in OECD will drop by 0.29mln barrels a day in 2009 to 48.36bln barrels. The oil demand of post soviet countries will total to 4.17mln barrels a day.

OPEC also forecasts decline in growth of oil supplies by non-OPEC countries by 70,000 barrels a day in 2008. According to new forecast, the volume of oil supply by these countries will comprise 49.94mln barrels a day in 2008 with an increase of 510,000 barrels. The report said the main reason for decline in forecast in the suspension of oil supplies from the Gulf of Mexico due to hurricanes and blast in Baku-Tbilisi-Ceyhan pipeline.

Supplies of OECD countries will comprise 19.93mln barrels a day in 2008 which is 0.2mln barrels a day less than in 2007. The supply of former soviet countries will total to 12.78mln barrels a day which is 0.26mln barrels a day more than that of 2007.

In 2009, supplies of non-OPEC countries will rise by 0.88mln barrels a day to 50.81mln. The supply of OECD countries will go up by 0.5mln barrels a day to 19.97 in 2009. The supply of post soviet countries will make up 13.09 barrels a day in 2009.

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