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OPEC: Economy not slowing consumption

Sept. 12, 2012 at 8:58 AM   |   Comments

VIENNA, Sept. 12 (UPI) -- OPEC said its forecast for world oil demand was unchanged from its August report, stressing global economic issues weren't slowing consumption.

The Organization of Petroleum Exporting Countries, in its market report for September, said world oil demand growth for 2012 is forecast at 900,000 barrels per day, the same level predicted in its August report.

The demand forecast for 2013 was expected to slow modestly compared to this year. OPEC based at least part of its predictions on expectations of the global economy.

The U.S. economy is expected to grow 2.0 percent next year, a 0.3 percent less than this year. The Chinese and Japanese economies are also expected to contract slightly.

The eurozone is expected to grow 0.1 percent next year after a 0.4 percent contraction in 2012.

"Global economic turbulence has not slowed oil consumption seasonality from its summer trend," OPEC said.

Demand for OPEC crude next year is expected to average 29.5 million bpd, unchanged from the previous report.

Concerns about rising energy prices prompted some Western leaders to consider tapping into strategic oil reserves. Saudi Oil Minister Ali al-Naimi told the Saudi Press Agency this week, however, the market is well-balanced and inventories remain adequate.

© 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.
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