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OPEC Revises Down 2013 World Oil Demand Growth

Industry News 10:09:56AM Apr 11, 2013 Source:SMM

VIENNA, April 10 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) estimates that global oil demand growth in 2013 would decline to 800,000 barrels per day (bpd), a downward revision of 40,000 (bpd) compared to OPEC's last monthly report, the Vienna-based cartel said Wednesday in its latest monthly report.

The 2013 oil demand growth downward revision is supposed to be affected by the weakness of the OECD states' oil consumption.

"OECD demand is expected to see a contraction of 0.3 mb/d, slightly lower than in the previous year," the report noted. OPEC received disappointing data with uncertainty in the eurozone one of the main reasons of the contraction.

"With several European countries facing strict austerity measures due to large debts and decreasing consumer sentiment, which began to appear also in the northern part of the continent, European oil consumption contracted in February for the 18th month in a row," the report said.

The OPEC report said its crude production decreased to 30,190,000 b/d in March, a decline of 100,000 b/d from February.

"Crude oil output decreased from Nigeria, Iran," the report said.

OPEC members states will meet on May 31 in Vienna to discuss whether they would keep their oil production policy to maintain the 30 million barrels output ceiling per day.

 

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OPEC Revises Down 2013 World Oil Demand Growth

Industry News 10:09:56AM Apr 11, 2013 Source:SMM

VIENNA, April 10 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) estimates that global oil demand growth in 2013 would decline to 800,000 barrels per day (bpd), a downward revision of 40,000 (bpd) compared to OPEC's last monthly report, the Vienna-based cartel said Wednesday in its latest monthly report.

The 2013 oil demand growth downward revision is supposed to be affected by the weakness of the OECD states' oil consumption.

"OECD demand is expected to see a contraction of 0.3 mb/d, slightly lower than in the previous year," the report noted. OPEC received disappointing data with uncertainty in the eurozone one of the main reasons of the contraction.

"With several European countries facing strict austerity measures due to large debts and decreasing consumer sentiment, which began to appear also in the northern part of the continent, European oil consumption contracted in February for the 18th month in a row," the report said.

The OPEC report said its crude production decreased to 30,190,000 b/d in March, a decline of 100,000 b/d from February.

"Crude oil output decreased from Nigeria, Iran," the report said.

OPEC members states will meet on May 31 in Vienna to discuss whether they would keep their oil production policy to maintain the 30 million barrels output ceiling per day.