Oil market well supplied, crude oil demand to average 29.6mn bpd in 2014 – OPEC

By bne IntelliNews September 11, 2013

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.

Related Articles

Survival of Iran nuclear deal appears far less likely under US Secretary of State Mike Pompeo

The odds on the Trump administration attempting to kill the Iran nuclear deal substantially shortened on March 13 with the firing-by-tweet of US Secretary of State Rex Tillerson and his replacement ... more

Billion-dollar petrochemical facility to be built in Turkey by Algeria's Sonatrach

Algerian national energy company Sonatrach has struck a deal with Turkey's Ronesans and Bayegan to build a petrochemical plant worth $1bn in Turkey, Turkish President Recep Tayyip Erdogan said on ... more

Romania’s Hidroconstructia starts overseas push with $115mn Jordan contract

Romanian civil engineering company Hidroconstructia has won a $115mn contract with Jordan’s Arab Potash Company, the world’s eighth largest potash producer. Hidroconstructia was founded in ... more