09 November 2012 11:50 [Source: ICIS news]
Fourth-quarter oil demand could increase marginally, however, as cold weather at the end of the year puts pressure on heating oil in the US and Europe, the cartel said in its latest monthly oil report.
The transportation sector contributed to the slowdown in oil use in its peak summer season as a result of slower economic activities, OPEC said.
World oil demand for 2012 and 2013 is estimated at 800,000bbl/day, unchanged from the previous month’s report.
“Expected weakness in the world economy is placing a considerable amount of uncertainty on the world oil demand forecast,” OPEC said.
The cartel’s global economic growth expectations were also unchanged, at 3.1% for 2012 and 3.2% for 2013.
Non-OPEC supply in 2012 is forecast to increase by 500,000 bbl/day, a downward revision of around 50,000 bbl/day from the previous report. Non-OPEC supply growth for 2013 was unchanged at 900,000 bbl/day, the report said.
Demand for OPEC crude in 2012 was unchanged at 30.1m bbl/day but the 2013 forecast was revised down by 100,000 bbl/day to 29.7m bbl/day.
On Thursday, OPEC released its World Oil Outlook for 2012 in which it revised down global oil demand forecasts on economic growth concerns.
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