Tags: oil | energy | output | forecast

Chinese, US, Eurozone Growth Nudge up Oil Demand

Wednesday, 12 Feb 2014 09:22 AM

Firming growth in leading economies pushed OPEC to raise slightly its estimate for global demand for oil this year, in a report on Wednesday.

OPEC, which produces about 35 percent of the world's oil, said it now expected demand to total 90.98 million barrels per day.

That is an increase of 80,000 barrels per day from the last estimate last month.

The Organization of Petroleum Exporting Countries also revised slightly upwards its estimate for how much oil was consumed last year to 89.89 million barrels per day.

"The United States recovery continues with a better-than-expected dynamic," OPEC said in its monthly review of the oil market. "The eurozone continues its recovery from a very low level and a mixed growth pattern, as has been observed in the past months."

OPEC raised its estimate of demand this year from the 34 advanced democracies in the Organisation for Economic Cooperation and Development.

It now estimated that this consumption would shrink by 130,000 barrels per day from the level last year compared with the estimate last month that demand would fall by 190,000 barrels per day.

The overall growth of global demand between last year and this year is being driven again by emerging economies, OPEC said.

Demand from China was expected to increase by 340,000 barrels per day to 10.4 million barrels per day.

That would be in line with the increase of 330,000 barrels per day expected for 2013 from the 2012 level.

In North America, demand remained on a strong trend in the fourth quarter, OPEC said.

Initial data for December and January indicated that this trend would continue in the next few months.

In Europe, demand in the four main economies in Germany, Britain, France and Italy firmed slightly in December.

The International Energy Agency, the oil monitoring and energy policy arm of the OECD, is to publish its monthly estimates and review on Thursday.

© AFP 2017

 
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Firming growth in leading economies pushed OPEC to raise slightly its estimate for global demand for oil this year, in a report on Wednesday.
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2014-22-12
Wednesday, 12 Feb 2014 09:22 AM
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