An uptick in world economic growth, both this year and next, will see global oil demand increase by more than previously estimated, primarily driven by stronger demand growth in OECD countries and Africa, OPEC says in its latest Monthly Oil Market Report (MOMR). Yet, despite this increase, the producer group expects global demand for its crude to remain steady, as non-OPEC supplies come into world oil markets at a faster rate than previously predicted.
OPEC’s November edition of the report puts world oil demand at around 89.78mn b/d for 2013; up by around 860,000 b/d from the 88.92mn b/d it estimates for 2012. This 2013 figure represents an upward revision of 34,000 b/d compared to the previous month’s estimate, largely due to stronger projected demand in OECD America and OECD Europe. (CONTINUED - 954 WORDS)