Arab Today, arab today opec sees oil demandgrowth slowing in 2013
Last Updated : GMT 14:14:03
Arab Today, arab today
Arab Today, arab today

OPEC sees oil demandgrowth slowing in 2013

Arab Today, arab today

Arab Today, arab today OPEC sees oil demandgrowth slowing in 2013

London - Arabstoday

World oil demand growth will slow in 2013 from the already weak 2012, OPEC said yesterday, citing Europe\'s debt worries, a faltering US economic recovery and deceleration of growth in emerging markets. The Organization of the Petroleum Exporting Countries (OPEC), which produces a third of global oil, said healthy output levels from non-OPEC producers next year would be enough to cover the modest growth in demand without the need for OPEC itself to increase output. \"Besides the euro zone crisis, geopolitical tensions in the Middle East, the contraction of manufacturing in the US for the first time since 2010 and decelerating economic growth in emerging markets have been fuelling uncertainties regarding global economic growth,\" OPEC said in a monthly report. OPEC left its 2012 world oil demand growth forecast unchanged at 0.9 million bpd and said growth in 2013 would slow to 0.82 million bpd. \"The fact that the departure of Greece from the euro zone, with a severe impact on the euro zone economy, still cannot be ruled out remains a cause of concern,\" it said. \"Such an action would provoke a massive capital outflow from the country and result in a default of its fiscal obligations, with a destabilizing effect on the euro zone and beyond.\" The group\'s forecasts are close to those of the US government, which on Tuesday cut its global oil demand growth estimate for 2013 by 360,000 bpd to 730,000 bpd. OPEC forecast non-OPEC supply to increase by 0.7 million bpd in 2012 and 0.9 million in 2013. \"US oil supply is expected to average 10.07 million bpd in 2013, an increase of 0.37 million bpd over 2012. This increase will be the highest among all non-OPEC countries and at the highest annual level since 1986\", OPEC said. Demand for OPEC\'s own crude is expected to average 29.6 million bpd in 2013, almost 2 million below its June production levels of 31.36 million. OPEC also cited secondary sources as saying Iranian production was down to 2.963 million bpd in June, the lowest in more than 20 decades, while Saudi Arabia had ramped output back to above 10.1 million bpd. Average oil prices were the highest on record in 2011 and earlier this year appeared to be heading for new records due to fears over supply disruptions from Iran amid Tehran\'s standoff with the West over its nuclear program. But prices fell steeply from May to below $100 per barrel due to concerns about the global economy. OPEC said it based its 2013 oil demand forecast on assumptions including a slowing in world GDP growth from 2012, normal weather, flat US oil demand, 8 percent growth in the Chinese economy and a slowdown in the economies of the Middle East. If the US economy grows a bit stronger next year, oil demand may grow by 1 million bpd, according to OPEC\'s optimistic scenario. The pessimistic scenario sees oil demand growing by a mere 0.65 million bpd should recovery in developed economies prove more difficult. Analysts said they agreed with the modest oil output growth forecast from OPEC and added it would not necessarily mean depressed oil prices in 2013. \"The supply system is very close to its limits and that will not change,\" David Wech from JBC Energy consultancy said. \"We see a very limited supply cushion - probably at around 1.5 to 2.5 million bpd - and that is not enough bearing in mind potential supply outages,\" he said, citing Iran, Libya and Norway as recent examples of outages. Wech predicted demand growth of 1.1 million bpd in 2013, while Seth Kleinman at Citigroup put the figure at 0.9 million bpd and analysts from Barclays at 1.16 million bpd. \"I see ample supply for the foreseeable future, but of course geopolitical developments can always cut immediate supply,\" Tamas Varga from PVM brokerage said. Goldman Sachs analysts said expectations for more monetary easing from the global central banks were also providing the upside. \"Central banks around the world continue to adopt measures to attempt to support world economic growth, and indirectly, world oil demand,\" Goldman said this week. From arabnews

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today opec sees oil demandgrowth slowing in 2013 Arab Today, arab today opec sees oil demandgrowth slowing in 2013

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom, China plunges into snow biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom, China plunges into snow biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 21:32 2017 Friday ,24 February

Dubai announces crude oil price for May

GMT 13:37 2017 Thursday ,23 February

Oman oil price rises 30 cents

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday