Azerbaijan, Baku, March 16 / Trend A.Badalova /
OPEC forecasts an increase in Azerbaijan's oil production in 2010 by 0.1 million bpd to 1.12 million bpd. Based on OPEC's monthly report on the oil market, in 2010 the highest volume of Azerbaijan's oil production will be observed in the fourth quarter - 1.21 million bpd. In the first quarter, the figure will amount to 1.04 million bpd, in the second quarter - 1.08 million bpd and in the third - 1.13 million bpd.
The cartel expects oil production in other countries of the Caspian region - Kazakhstan and Russia - to reach 1.6 million bpd and 9.99 million bpd, respectively, in 2010. The growth of oil production in Kazakhstan and Russia will reach 70,000bpd.
Oil supplies by non-OPEC countries
Based on the cartel's forecast, in 2010 oil supplies by non-OPEC countries will increase by 0.41 million bpd to 51.43 million bpd, which is by 0.15 million bpd more the index predicted by OPEC last month.
In 2009, oil supplies by non-OPEC countries were 51.02 million barrels per day, with a 0.61 million bpd increase over the previous year.
The highest amount of oil supplies by these countries will occur in the fourth quarter of 2010- 51.74 million bpd.
Based on the OPEC report, in 2010, the volume of oil supplies by former Soviet Union counties will reach 13.18 million bpd, which is 0.26 million bpd above the amount in 2009 and 20,000 bpd less the volume predicted last month by the cartel.
Oil supplies by OECD (Organization for Economic Cooperation and Development) countries, will decline by 0.17 million bpd to 19.36 million bpd in 2010, the cartel forecasted.
Based on OPEC estimates, in February the world oil supply rose by 0.63 million bpd- up to 85.79 million barrels per day. OPEC's share in the global supplies amounted to about 34 percent in February.
World demand
OPEC forecasts an increase in the world oil demand by 0.9 million bpd (1.1 percent) - up to 85.2 million bpd in 2010 compared to 85.12 million bpd projected earlier.
OPEC reported that the world oil demand is largely dependent on the rate of recovery in the world economy, whose growth is expected to reach 3.4 percent in 2010.
In 2010, OECD countries' oil demand will be reduced by 0.15 million bpd to 45.46 million bpd. Oil demand in the U.S. will amount to 23.49 million bpd compared to 23.28 million bpd in 2009.
In 2010, non-OECD countries' oil demand will increase by 1 million bpd that will be ensured thanks to China and the Middle East region.
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