Azerbaijan, Baku, Feb. 9 / Trend A. Badalova /
OPEC oil supplies will increase by 1.2 million bpd up to 31.03 million barrels per day in 2012. These forecasts are contained in the monthly report on short-term review of the energy market of the U.S. State Energy Information Administration (EIA).
According to EIA, such an increase in oil production by the cartel is associated by increasing global demand for hydrocarbons and limited oil supplies by countries-non OPEC members.
According to EIA, OPEC oil production will increase by 0.4 million bpd up to 29.85 million barrels per day in 2011.
Oil produced by non-OPEC members
EIA predicts an increase oil supply by non-OPEC members by 0.31 million bpd up to 51.78 million barrels per day in 2011.
The growth in oil production will be concentrated in several countries, especially China and Brazil, where EIA expects production growth to hit 170,000 barrels per day in each country this year.
EIA predicts a slight decrease in oil production by non-OPEC members up to 51.75 million barrels per day in 2012.
Oil production in the North Sea will be reduced by 220,000 bpd in 2011 and 160,000 barrels a day in 2012. The reduction in oil production is forecasted in the U.S. - at 50,000 bpd in 2011 and 190,000 barrels a day - in 2012.
Oil extracted by the countries of the former Soviet Union is forecasted at 13.47 million bpd in 2011 and 13.3 million barrels a day - in 2012. Roughly 1.21 million barrels per day in 2011 and 1.18 million barrels per day in 2012 will fall to Azerbaijan, 1.74 million barrels in 2011 and 1.82 million barrels in 2012 - Kazakhstan, 0.21 million bpd in 2011 and 2012 - Turkmenistan of the total level of oil production.
According to EIA, the total volume of world oil production will increase by 1.43 million barrels up to 87.78 million bpd in 2011 and 1.53 million barrels up to 89.31 million barrels a day - in 2012.
World oil demand
According to EIA, global oil demand will increase by 1.44 million barrels per day up to 88.16 million barrel per day in 2011.
Of the total oil demand in 2011, about 45.92 million barrels a day will fall to OECD countries (the Organization for Economic Cooperation and Development), 42.25 million barrels per day - countries non-members of the organization.
EIA forecasts the increase in global oil demand by 1.63 million barrels per day up to 89.79 million barrels per day in 2012.
Oil demand in OECD countries will increase by 0.07 million barrels up to 45.99 million barrels per day next year, but in countries non-members of the organization - by 1.56 million up to 43.81 million barrels per day.
Oil prices
EIA predicts an average price on U.S. WTI oil in 2011 at $ 93 per barrel, or $ 14 per barrel more than the average price last year.
According to EIA, oil prices will increase and hit $ 98 per barrel in 2012.
The forecasts on oil prices are associated with the EIA expectations on U.S. economic growth. It is projected at 3 percent in 2011 and 2.8 percent - in 2012. The world economic growth will hit 3,9 and 4 percent in 2011 and 2012, respectively.
Following the auctions on Tuesday, February 8, March futures price on WTI on the New York Mercantile Exchange reduced by $0.54 up to $86.94 per barrel.
The Energy Information Administration is a statistical agency of the U.S. Department of Energy established by Congress in 1977.