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OPEC sees global oil production up

March 12, 2014 at 8:48 AM   |   Comments

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VIENNA, March 12 (UPI) -- With world oil demand growing, the Organization of Petroleum Exporting Countries said Wednesday most producers were firing on all cylinders.

OPEC said in its monthly market report for March it revised its world oil demand growth for 2013 up by 70,000 barrels per day to 1.05 million barrels per day.

"For 2014, global oil demand is seen rising by 1.14 million bpd, following an upward revision of 50,000 bpd," the March report said.

OPEC said there's a general "assumption" the global economy will recover gradually in 2014, despite some disappointing data from the United States and China. While ongoing turmoil in Ukraine adds risk to the health of the global economy, the cartel said the European community as a whole should experience economic growth this year.

Demand for OPEC crude oil remained relatively steady, though the cartel expected demand to decline through 2014 by 300,000 bpd. Given the increase in global demand, production from the 12 member states, however, averaged 30.1 million bpd last month, up 259,000 bpd from January.

The U.S. Energy Information Administration said in this month's short-term market report crude oil imports into the United States should hit a 44-year low next year because of increased domestic production.

OPEC said oil supply from producers outside the cartel should increase by 1.3 million bpd in 2014, driven largely by North America.

© 2014 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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