OPEC sees oil demand trajectory in 2013 as less erratic than in the last few years, but the soothing message comes with the caveat that this relies on the global economic recovery not being derailed.
At around 800,000 b/d, projected 2013 oil demand growth is largely unchanged from last month’s Monthly Oil Market Report (MOMR). “The impact of economic turbulence on oil demand should be considerably milder than in previous years,” notes this edition of the MOMR. Saudi oil advisor Ibrahim al-Muhanna, in a rare statement to the press on 14 January, was even more upbeat. “We are optimistic that economic uncertainties will pass and growth will resume in 2013,” he said. “Saudi Arabia stands ready to respond to these changes – and again will meet all customers’ needs. Saudi Arabia remains strongly committed to a stable oil market.” (CONTINUED - 842 WORDS)