OPEC increases Azerbaijani oil production forecasts
Azerbaijan, Baku, July 5 / Trend A.Badalova /
OPEC increased its Azerbaijani oil production forecasts in 2010 by 50,000 bpd to 1.07 million bpd.
Based on the OPEC's monthly oil market report, oil production will peak in the fourth quarter at 1.16 million bpd. In the third and second quarters, production will hit 1.1 million bpd.
Oil supplies by former Soviet countries will increase by 230,000 bpd to 13.15 million bpd. In the third quarter, shipments from these countries will amount to 13.1 million bpd and 13.23 million bpd in the fourth quarter.
Oil supplies by non-OPEC countries are projected at 51.7 million bpd in 2010, which is 0.6 million bpd more than the 2009 figure. In the third quarter, their oil shipments will reach 51.3 million compared to 51.6 million bpd in the second quarter.
Oil supplies by OPEC developing countries will reach 12.84 million bpd, which is 260,000 bpd more than the volume in 2009, the cartel forecast.
OPEC predicts the increase in world oil demand this year at 900,000 bpd (1.1 percent) to 85.4 million bpd.
Of the total world oil demand this year, 45.3 million bpd will fall to OECD countries, 26.7 million bpd to developing countries and 4 million bpd to former Soviet countries. Oil demand in China will reach 8.7 million bpd in 2010 and 23.6 million bpd in the United States.