U.S., Canada among oil leaders, OPEC says

July 12, 2012 at 10:24 AM   |   0 comments

| License Photo
VIENNA, July 12 (UPI) -- Oil supplies from North America are expected to contribute to significant gains in global oil supplies in 2013, the OPEC oil cartel said in its monthly report.

The Organization of Petroleum Exporting Countries, in its monthly oil report, said world oil demand for 2013 is expected to increase by 800,000 barrels per day to 89.5 million bpd. That represents a decline of 100,000 bpd from the growth estimate for the current year, the cartel said.

OPEC attributed much of that decline to expectations for the global economy. Trouble in the eurozone is overshadowing economic improvements elsewhere, while the U.S. economy is expected to grow by 2 percent next year, the cartel said.

Nevertheless, oil supply from non-OPEC members is expected to increase by 700,000 bpd in 2012. This is supported mainly by growth in North and Latin America. Next year, non-OPEC supply is expected to grow by 900,000 bpd, with the United States and Canada among the leaders in the growth forecast.

The Energy Department's Energy Information Administration, in its monthly short-term energy outlook, noted domestic crude oil production increased 3.7 percent last year to 5.7 million barrels per day. Production should increase to 6.3 million bpd in 2012, the highest annual level since 1997, and reach 6.7 million bpd by next year.

Oil production from Norway, Mexico and the United Kingdom is experiencing declines among non-OPEC members.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Trending News
Join the conversation
x
Feedback