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OPEC sees little change in oil appetite

Aug. 9, 2013 at 9:31 AM   |   Comments

VIENNA, Aug. 9 (UPI) -- The Organization of Petroleum Exporting Countries said Friday demand for its crude held steady amid slight gains in the appetite for energy products.

OPEC said in its monthly market report for August it expected demand for its crude to average 29.9 million barrels per day for 2013. That assessment is unchanged from OPEC's report in July, though it's 400,000 bpd lower than the previous year. By next year, OPEC said demand for its crude should stand at 29.7 million bpd.

The 12-member cartel said global demand growth for oil was slightly higher than the previous report at 800,000 bpd. By 2014, growth should increase to 1.04 million bpd.

OPEC demand in the past has adjusted to oil and natural gas production increases from North America. OPEC said supply from non-members should increase by 1 million bpd in 2013. That increase should come not only from the United States and Canada, but also from Brazil, the Sudans and a Kazakhstan.

OPEC had a slightly negative view on the health of the global economy. It said it revised its growth forecast for 2013 down one-tenth of 1 percent to 2.9 percent. It attributed the decline to a slowdown in the Chinese economy and low growth estimates from the United States during the first quarter of 2013. Trouble continues for European countries, with a contraction of 0.6 percent expected this year. Growth should return to the eurozone by 2014, OPEC said.

© 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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