Economic recovery, higher seasonal consumption to drive increase in demand, says oil cartel
World oil demand will grow more quickly in the rest of 2013 than during the first half due to economic recovery and higher seasonal consumption, OPEC said on Tuesday.
The Organisation of the Petroleum Exporting Countries in a monthly report forecast world oil demand would expand by 900,000 barrels per day (bpd) in the second half of 2013, up from 700,000 bpd in the first six months.
OPEC's own production rose by 106,000 bpd in May to 30.57 million bpd, according to secondary sources cited by the report, led by higher output in Saudi Arabia.
For 2013 as a whole, OPEC forecast world oil demand would grow by 780,000 bpd, slightly lower than last month's estimate of 790,000 bpd.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.