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U.S., Canada drive oil growth, OPEC says

June 11, 2013 at 8:40 AM   |   Comments

VIENNA, June 11 (UPI) -- The United States and Canada are expected to be the main drivers of oil supply growth from non-OPEC members, the cartel said in a report published Tuesday.

The Organization of Petroleum Exporting Countries published its monthly oil market report for June. The 12-member cartel said it expected to see higher oil demand during the second half of 2013. The demand increase was expected because of higher energy demand during summer months and a modest recovery in the global economy.

OPEC said world oil demand should reach more than 90.5 million barrels per day during the second half of 2013, higher than the 88.8 million bpd during the first half.

"In terms of demand growth, the expected global economic recovery in the second half of this year could also add more barrels to seasonally higher global consumption," the monthly report said.

For the supply side of the oil markets, OPEC said the United States and Canada would contribute the most among non-OPEC members. OPEC said the United States and Canada are expected to help with the production increase of 1.1 million bpd seen from non-OPEC members, which outpaces the 900,000 bpd growth predicted for the first half of the year.

OPEC said it expected the world economy to grow by 3.2 percent for the year, unchanged from the May market report. Growth in the U.S. and Japanese markets is offset by continued challenges in the eurozone.

Demand for OPEC crude in 2013 is forecast at 29.8 million bpd, about 400,000 bpd lower year-on-year.

© 2013 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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