Non-OPEC oil supply to significantly rise in 2013

Oil&Gas Materials 16 January 2013 17:58 (UTC +04:00)

Azerbaijan, Baku, Jan. 16 / Trend A. Badalova /

Non-OPEC oil supply will increase by 0.93 million barrels per day (bpd) and average 53.92 billion bpd in 2013, OPEC's January oil market report, published on Wednesday, said.

The current supply expectation indicates an upward revision of 85,000 bpd to total non-OPEC supply, while anticipated growth was revised up by 30,000 bpd from a month earlier.

According to OPEC forecasts, oil supplies by OECD (Organisation for Economic Cooperation and Development) countries will increase by 0.52 million bpd to 21.53 mln bpd in 2013.

Oil production in the U.S. is projected at 17.23 million bpd in 2013 compared to 16.62 mln bpd in 2012.

According to the OPEC forecasts, the countries of the former Soviet Union (FSU) will supply 13.41 million bpd in 2013 or 0.1 million bpd more than in 2012.

OPEC expects Middle East oil supply to decline by 0.02 million bpd to 1.5 mln bpd in 2013.

In 2012, according to OPEC's forecasts, non-OPEC supply amounted to 52.98 million bpd in 2012.

OPEC supply

According to the report, OPEC oil production decreased by 0.46 million bpd to 30.37 million bpd in December, 2012.

Oil output saw an increase from Nigeria and Angola while production fell in Saudi Arabia, Iraq, and Iran, the report said.

OPEC oil production, not including Iraq, stood at 27.35 million bpd in December, a decrease of 0.27 million bpd over the previous month.

Oil demand

According to OPEC's forecasts, world oil demand will increase by 0.76 million bpd to 89.55 million bpd in 2013.

"World economic turbulence has affected oil demand in the past few years. Nevertheless, its effect on this year's oil demand is not expected to be as sharp as last year, but instead considerably milder," the report said.

According to OPEC's forecasts, oil demand in OECD countries this year is expected to decrease by 0.21 million bpd to 45.9 million bpd.

Developing countries' oil demand is expected to increase by 0.53 million bpd to average 28.46 million bpd in 2013.

OPEC's estimates show global oil demand stood at 88.8 million bpd in 2012.