The world oil market remains “well supplied’’ despite Libyan shortages, the 12-nation oil cartel OPEC said in its September report.
Demand for OPEC crude oil in 2014 will average 29.61mn bpd, down 320,000 bpd from 2013, the report read. OPEC’s 12 members, however, reportedly pumped nearly 600,000 bpd more than this level in August. OPEC also said its oil market share will retreat in 2014 on rising supply from the USA, Mexico, Norway and other countries outside the group. OPEC maintained its global oil demand growth in 2014 at 1.04mn bpd and upped the non-OPEC supply forecast to 1.22mn bpd.
OPEC underscored that inventories of crude oil and refined products in the world’s most industrialised countries are “comfortable,” equalling to roughly 58.5 days of consumption. Growing stocks in emerging countries “should also provide a further cushion to the market, complementing existing and expanding crude production capacity,” OPEC said.
OPEC kept its world economic growth forecasts for 2013 and 2014 unchanged at 2.9% and 3.5%, respectively. Developed economies “are recovering – albeit from low levels – amid a slowdown in emerging and developing economies,” the oil cartel said.
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