Azerbaijan, Baku, July 20 / Trend A. Badalova /
OPEC forecasts an increase in oil supplies by the countries, non-members of the cartel by 0.74 million barrels per day up to 51.86 million barrels per day in 2010. This figure is 90,000 barrels per day more than the amount forecasted by OPEC last month.
OPEC's monthly report on oil market said that changes in forecasts is connected with the high level of production by the countries, non-members of the cartel in the first half of the year.
Oil supply by these countries is projected at 51.46 million bpd in the third quarter of 2010, in the fourth - 51.8 million barrels a day, compared to 52.17 and 52.03 million bpd in the first and second quarters, respectively.
Oil supplies by former Soviet countries will make 13.2 million barrels per day this year, or 0.25 million barrels a day more than the volume of deliveries in 2009.
Oil supply by OECD countries (Organization for Economic Cooperation and Development) will decrease in 2010 by 0.06 million up to 19.58 million barrels per day. The U.S oil supplies this year will increase by 0.19 million barrels per day up to 14.48 million barrels per day.
OPEC forecasts an increase in oil countries, non-members of the cartel, by 0.34 million barrels per day up to 52.21 million barrels per day in 2011. The largest volume of oil by these countries next year is expected to be in the fourth quarter - 52.69 million barrels a day.
Oil supply by OECD countries in 2011 is expected to be 19.39 million barrels per day, or 0.19 million barrels per day less than the level in 2010.
According to OPEC, world oil supply in June reduced by 0.32 million barrels per day up to 85.74 million barrels per day. The share of OPEC oil in the global supply amounted to 34.1 percent.
Oil deliveries by the Caspian countries
OPEC forecasts an increase in oil production of Azerbaijan by 0.05 million barrels per day up to 1.11 million bpd in 2010 and 0,1 million to 1,21 million barrels per day in 2011.
OPEC expects oil production in Azerbaijan at the level of 1.14 million barrels per day in the third quarter of 2010, in the fourth - 1.2 million barrels per day.
Crude oil production in other countries of the Caspian region - Kazakhstan and Russia is forecasted by the cartel in 2010 at 1,6 and 10,05 million barrels per day, respectively. The growth of oil production in Kazakhstan will hit 0.06 million barrels per day, in Russia - 0,13 million barrels per day, OPEC forecasted. Oil production in Kazakhstan in 2011 will increase by 0.06 million up to 1.66 million barrels per day, in Russia - reduce by 0.02 million up to 10.03 million barrels per day, OPEC forecasted.
World demand
OPEC forecasts an increase in world demand for oil by 1.05 million up to 86.41 million barrels a day in 2011. The highest level of world oil demand next year is expected to be in the fourth quarter to the amount of 87.61 million barrels a day.
Oil demand in OECD countries in 2011 is projected at 45.42 million barrels a day compared to 45.32 million barrels per day in 2010.
Oil demand in the U.S. will incease by 0.24 million barrels per day up to 23.85 million barrels per day next year, OPEC said.
OPEC's forecast for global oil demand for 2010 remains unchanged. The cartel expects to increase global oil demand this year by 0.95 million barrels per day up to 85.36 million barrels per day.
Global economy
OPEC forecasts world economic growth at 3.8 percent in 2010 and 3,7 percent in 2011. Economic growth in the U.S. is projected at 2.8 percent this year and 2.5 percent next year. Chinese economy will increase by 9.5 percent in 2010. OPEC predicts slowdown in its growth by 8.8 percent in 2011. Growth in OECD's economy is projected at 2.1 and 2 percent, the eurozone - 0,7 and 0,9 percent in 2010 and 2011, respectively.