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OPEC: World Oil Demand Grew at 800,000 Barrels/Day in 2013
The latest market report released by OPEC predicts that world oil demand growth will slow down to 800,000 barrels per day in 2013. According to sources, OPEC production has dropped to 31.6 million barrels per day in June.OPEC maintains its forecast for global oil demand growth in 2012 at 900,000 barrels/day, and predicts that world oil demand growth will slow to 800,000 barrels/day in 2013. Global daily demand for OPEC crude oil is expected to drop by 300,000 barrels to 29.6 million barrels in 2013. Non-OPEC crude supply will grow by 920,000 barrels per day next year.
According to sources, OPEC production fell to 31.6 million barrels per day in June, while Iran's oil production in June was less than 3 million barrels per day.
The International Energy Agency said on Tuesday that due to the slowdown in global economic growth, the expected value of global crude oil demand this year has been reduced by 140,000 barrels from last month's expected value. Global crude oil demand is expected to increase by 0.8% in 2013, totaling 730,000 barrels per day, to 89.37 million barrels per day. Global crude oil demand in 2013 is expected to be 0.6% lower than the June forecast, or 500,000 barrels per day, when demand growth was expected to be 1.23 million barrels per day.
In the past week, the first-month light sweet crude oil futures on the New York Mercantile Exchange dropped a net US$0.51, or 0.6%; the average settlement price per barrel was US$85.77, US$5.484 higher than the previous week, with the highest settlement price being US$87.66 per barrel, and the lowest settlement price per barrel. Barrel 83.75 US dollars; trading range 82.10-88.98 US dollars. The first-month Brent crude oil futures on the London Intercontinental Exchange had a net increase of US$9.34, or 10.22%; the average settlement price per barrel was US$99.26, US$7.28 higher than the previous week, with the highest settlement price being US$100.7 per barrel, and the lowest settlement price being US$97.34 per barrel. Period 95.3-102.34 US dollars.
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