OPEC sees signs of economic vitality

Global oil demand expected to grow along with economy, cartel says.

By Daniel J. Graeber

VIENNA, July 10 (UPI) -- The Organization of Petroleum Exporting Counties said Thursday it expected the world will need more oil because of improvements in the global economy.

Global oil demand for 2015 is expected to grow by 1.2 million bpd to average 92.3 million bpd as the world economy picks up steam, OPEC said in its monthly market report.


"Despite some weakness in the first half of the year, the world economy continues to recover," the report said. "Global gross domestic production growth in 2014 is now forecast at 3.1 percent, slightly higher than the estimated 2.9 percent for 2013."

Demand for crude oil from OPEC members for the year, however, remains static, the organization said. By next year, however, demand for OEPC crude should decline by 300,000 bpd to average 29.4 million bpd.

OPEC said its 12 members combined to produce 29.7 million barrels of oil per day on average in June, a decline of about 79,000 bpd from the previous month.

Iran, Kuwait and Iraq led the declines in oil production, while Saudi Arabia's output increased the most among member states from May to June.


For non-members, OPEC said oil supplies increased, but that output should start to decline by next year.

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