OPEC forecasts increase in Azerbaijani oil supplies

OPEC forecasts increase in Azerbaijani oil supplies

Azerbaijan, Baku, Jul. 2 / corr. Trend A.Badalova /

OPEC forecasts the growth of Azerbaijani oil supplies to 1 million barrels per day in the fourth quarter of 2009. Supplies will hit 960,000 barrels a day in the third quarter of 2009, according to forecasts.

The cartel increased forecasts on Azerbaijan's oil supplies by 8,000 barrels in 2009. In accordance with the updated forecasts, supplies will increase by 60,000 barrels as compared to 2008 and hit 970,000 barrels. 

According to OPEC forecasts, total volume of supplies by former Soviet countries will increase in 2009 by 60,000 barrels a day to 12.62 million barrels a day, or by 26,000 barrels more than the volume earlier forecasted by cartel. Increase in forecasts is explained with expectation of rise in supply by Russia, Kazakhstan and Azerbaijan. 

OPEC forecasts on world oil demand did not undergo essential changes. "US demand for oil remains unpredictable and its fall will affect the global demand," the report posted in OPEC website said.

The cartel reduced forecasts on demand for OPEC oil by 200,000 barrels a day in 2009 to 28.6 million barrels a day, or by 2.2 million barrels a day down as compared to 2008. In the third and fourth quarters demand for OPEC oil will increase to 28.7 and 29 million barrels a day respectively.  

OPEC predicts fall in world oil demand in 2009 by 1.6 million barrels a day to 83.8 million barrel a day. Demand for oil will become stabilized following the rehabilitation of world economy. 

In 2009, OPEC predicted that the total supply of oil by non-OPEC countries will increase to 0.21 million barrels per day to 50.52 million barrels a day in 2009. In the third and fourth quarters the volume of supplies will comprise 50.28 and 50.73 million barrels a day respectively.  
 

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