OPEC: global oil demand to increase by 0.9 mln bpd in 2012
Azerbaijan, Baku, June 12 / Trend A. Badalova /
Global oil demand will increase by 0.9 million barrels per day (bpd) to 88.7 mln bpd in 2012, OPEC's June oil market report, published on Tuesday, says.
OPEC belives that the first half of this year has witnessed various economic developments worldwide that have placed much uncertainty on oil demand.
"This has been related to two main factors: the turbulence in the world economy and the volatility in oil prices," OPEC says.
Hence, world oil demand in the second half of this year will face much uncertainty, OPEC blieves. US and European oil demand will contribute a large share of this uncertainty.
According to OPEC's forecasts, the highest level of global oil demand this year will occur in the fourth quarter - 89.83 mln bpd. In the second quarter of 2012, the demand will be 87.56 mln bpd, in the third - 89.59 mln bpd.
Oil demand in OECD countries this year is expected to decrease by 0.19 mln bpd to 45.46 mln bpd.
Developing countries' oil demand is expected to increase by 0.57 mln bpd to average 28.32 mln bpd in 2012.
OPEC forecasts oil demand in China in 2012 to amount to 9.81 mln bpd.
According to the report, OPEC oil production decreased by 58,000 bpd to 31.58 mln bpd in May, 2012.
The decrease came mainly from Iran, Nigeria, Iraq, Angola, Qatar and Algeria while crude production from Kuwait, Libya, and Saudi Arabia experienced an increase.
OPEC crude oil production, not including Iraq, stood at 28.63 mb/d in May, down 16,000 bpd from the previous month, according to the report.
According to the forecasts, non-OPEC supply will increase by 0.67 mln bpd and average 53.07 mln. bpd in 2012. This represents an upward revision of 50,000 from the last report.
On a quarterly basis, non-OPEC supply is expected to average 53.23 mln bpd, 52.71 mln bpd, 52.93 mln bpd and 53.42 mln bpd respectively.
According to OPEC forecasts, oil supplies by OECD countries will increase by 0.63 mln bpd to 20.72 mln bpd in 2012.
Oil production in the U.S. is projected at 16.31 mln bpd in 2012 compared to 15.52 mln bpd in 2011.
According to the OPEC forecasts, the countries of the former Soviet Union (FSU) will supply 13.38 mln bpd in 2012 or 0.13 mln bpd more than in 2011.
OPEC expects Middle East oil supply to decline by 0.19 mln bpd to 1.5 mln bpd in 2012.