OPEC, in its latest oil market commentary, has edged up its world oil demand forecasts for both 2013 and 2014, citing positive developments in the OECD economies of both Europe and North America. Still, the producer group does not expect this to translate into increased demand for its crude; as non-OPEC supplies – driven by the so-called ‘Shale revolution’ in the US – increase at a faster rate than previously predicted.
In the January edition of its Monthly Oil Market Report (MOMR), OPEC puts world oil demand at 89.86mn b/d for 2013, around 940,000 b/d up on it’s figure for 2012. This represents an upward revision of 70,000 b/d compared to the previous month’s estimates, largely down to the US economic recovery, and the resulting increase in industrial and transportation fuel there. (CONTINUED - 573 WORDS)