Azerbaijan, Baku, Feb. 10 / Trend A. Badalova /
Global oil demand will increase by 0.9 million barrels per day (mln bpd) to 88.76 mln bpd in 2012 compared to 87.82 mln bpd in 2011, OPEC's January report on oil market says.
These forecasts are by 120,000 bpd more than the level of demand predicted by OPEC last month.
According to OPEC's forecasts, the highest level of global oil demand this year will occur in the fourth quarter - 89.95 mln bpd. In the first quarter of 2012, the demand will be 88.1 mln bpd, the second - 87.42 mln bpd, in the third quarter - 89.54 mln bpd.
"Recent economic setbacks have pushed the future forecast of world oil demand further down. Worries about the US economy, along with the EU debt problem, are adding more uncertainty to world oil needs over the next 12 months," OPEC's report says.
Oil demand in OECD countries this year is expected to decrease by 0.17 mln bpd to 45.66 mln bpd.
Developing countries' oil demand is expected to increase by 0.59 mln bpd to average 28.24 mln bpd in 2012.
OPEC forecasts oil demand in China in 2012 to amount to 9.83 mln bpd.
According to OPEC's estimates, global oil demand amounted to 89 mln bpd in the fourth quarter of 2011.
OPEC supply
According to the report, OPEC oil production increased by 56,000 bpd to 30.9 mln bpd in January, 2012, which is the highest level since October, 2008. OPEC crude oil production experienced an increase from Libya, Kuwait, and Iraq, while crude output from Saudi Arabia, Iran, and the UAE experienced a decline.
In January OPEC crude oil production, not including Iraq, averaged 28.15 mb/d, which is up by 26,000 bpd from December, 2011.
According to OPEC estimates, in January the volume of global oil supplies increased by 0.46 mln bpd to 89.87 mln bpd.
The share of OPEC crude oil in global production stood at 34 percent in January.
Non-OPEC supply
According to the forecasts, non-OPEC supply will increase by 0.68 mln bpd and average 53.07 mln bpd in 2012 compared to 52.4 mln bpd in 2011.
These forecasts indicate a minor downward revision of 30,000 bpd, compared with the previous month.
Non-OPEC oil supply in 2012 is seen as being driven by growth in Latin and North America, as well as in the FSU.
On a quarterly basis, non-OPEC supply is expected to average 53.05 mln bpd, 52.92 mln bpd, 52.98 mln bpd and 53.34 mln bpd respectively.
According to OPEC forecasts, oil supplies by OECD countries will increased by 0.2 mln bpd to 20.26 mln bpd in 2012.
Oil production in the U.S. is projected at 15.74 mln bpd in 2012 compared to 15.48 mln bpd in 2011.
According to the OPEC forecasts, the countries of the former Soviet Union (FSU) will supply 13.41 mln bpd in 2012 or 0.14 mln bpd more than in 2011.