10 May 2012 11:40 [Source: ICIS news]
LONDON (ICIS)--World oil demand has halted its decline and has started to show growth following stabilisation in the ?xml:namespace>
The cartel’s global oil demand growth forecast for 2012 is set at 900,000 bbl/day to average 88.7m bbl/day, a minor upward change from the last estimate.
“World oil demand has – at least, for the short term – stopped its decline and has begun to show growth,” OPEC said in its May monthly oil report.
Oil use in both the
And in the
This would cut the current 2012 world demand growth forecast by between 200,000 bbl/day and 300,000 bbl/day, said OPEC.
Projected demand for OPEC crude in 2012 was unchanged from the previous report, at an average of 30m bbl/day.
Non-OPEC supply is forecast to grow by 600,000 bbl/day in 2012, a slight upward revision of 50,000 bbl/day from the previous report.
OPEC’s 2012 world economic growth expectations were unchanged at 3.3%.
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