10 October 2012 12:28 [Source: ICIS news]
LONDON (ICIS)--Global oil consumption continues to be affected by uncertainties facing the world economy, OPEC said on Wednesday.
In its October monthly oil report, the cartel revised down its estimates for world oil demand growth in 2012 by 100,000 bbl/day.
“Slower industrial production has sharply reduced global oil demand in both the US and China, and the winter outlook represents further uncertainties in coming months,” the report said.
However, OPEC left 2013 global oil demand estimates unchanged from their previous forecast, at 800,000 bbl/day.
“Despite the prevailing weakness in the world economy, the slowing momentum is expected to bottom out later this year,” the report said.
As a result, OPEC predicts global economic growth in 2013 to be slightly higher at 3.2%, compared with 3.1% for this year.
“World economic growth in 2012 was revised down to 3.1% from 3.3% previously, reflecting slowing growth since the start of this year,” it said.
With the weakness in developed economies being widely felt in the export-oriented emerging market economies, the cartel now predict China’s economy to expand by 7.6% in 2012 and 8% in 2013, and India’s economy to grow by 5.7% this year and 6.6% the following year.
The report warns, however, that “risks to the forecast for 2013 are primarily on the downside, due to the turbulence in the world economy.”
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