OPEC sees higher global oil demand in H2

OPEC will need to pump more oil than previously thought to balance the market in 2013 and expects global consumption to be much higher in the rest of the year, the group said in a report ahead of its meeting to set policy on May 31.

The Organisation of the Petroleum Exporting Countries in a monthly report forecast 2013 demand for its crude will average 29.84 million barrels per day (bpd), up 90,000 bpd from the previous estimate.

The 12-member group's own production rose by 280,000 bpd in April to 30.46 million bpd, according to secondary sources cited by the report, led by higher output in Saudi Arabia and Iraq.

OPEC left its forecast for growth in world demand in 2013 unchanged at 800,000 bpd and warned of downside risks to the forecast.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Generation game: the struggle for power in the Gulf

Generation game: the struggle for power in the Gulf

The oil price decline has left a huge funding gap for the Gulf...

Rising sun: the Middle East's renewables revolution

Rising sun: the Middle East's renewables revolution

From one energy source to another, the Middle East is swiftly...

New Saudi energy minister shows he takes OPEC seriously

New Saudi energy minister shows he takes OPEC seriously

Khalid al-Falih turns up in Vienna, three days before the Organisation...

Most Discussed
sponsoredTracking