Strong non-OPEC supply growth means demand for OPEC crude will actually contract by around 250,000 b/d next year despite world oil demand growth rebounding to its highest growth rate in four years, the producer group says in its latest edition of its Monthly Oil Market Report (MOMR), the first to make forecasts for 2014.

OPEC’s initial forecast for global economic growth in 2014 stands at 3.5%, up marginally from its revised forecast of 3% for this year, primarily driven by higher growth in the US and a recovery in the Eurozone. Emerging economies meanwhile will continue to expand close to the high levels seen in previous years – with China and India leading the way on 7.7% and 6.0% respectively. (CONTINUED - 699 WORDS)