World oil demand to increase by 900,000 bpd in H2 - OPEC

By bne IntelliNews June 11, 2013

World oil demand will rise by 900,000 bpd in the second half of 2013, up from 700,000 bpd in H1, on seasonally higher global consumption and the projected global economic recovery, the 12-nation oil cartel OPEC said in its June report. For 2013 as a whole, world oil demand will likely increase by an average of 0.8mn bpd, in line with the growth seen in 2012, OPEC said.

In the non-OECD, oil consumption will grow by 1.2mn bpd in 2013, slightly lower than last year. China will reportedly be the main driver with a 0.4mn bpd growth, followed by the Middle East at 0.3mn bpd and other Asia and Latin America regions at 0.2mn bpd each.

OPEC recently maintained its 30-mn bpd oil production target on hold. The world economic growth will likely increase to 3.2% in 2013 from 3.0% the year before, OPEC forecast but warned of downside risks to the global economy, especially in the OECD region.

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