OPEC, which produces a third of the world's crude oil demand estimated 2013
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OPEC, which produces a third of the world's crude oil demand estimated 2013
OPEC on Tuesday slightly raised its forecast for oil demand in 2012 following a small increase in U.S. consumption and increased "dramatically" Indian demand after a massive power outage in July.
Organization of Petroleum Exporting Countries (OPEC) predicted in its latest monthly report, global oil demand in 2012 amounted to 88.74 million barrels per day (bpd), up from a previous estimate of 88.72 million barrels per harih, and higher than 87, 89 million barrels per day in 2011.
"Turbulence world economy does not slow down the oil consumption of the seasonal trend of the summer," OPEC said. "Not only did U.S. oil consumption grew slightly, but the Indian oil demand to grow dramatically."
OPEC said that demand for diesel oil India "bounce" to the level of "strong" in late July, after the flood and the death of three national electricity grid that crippled more than half of the country, affecting more than 600 million people.
In addition, the closure of most of Japan's nuclear power plants after the Fukushima disaster in March 2011 has encouraged "excessive use of crude oil and fuel oil during the summer," OPEC said.
For the 2013 OPEC, which produces a third of the world's crude oil demand estimated to be 89.55 million barrels per day, up slightly from their previous projection of 89.52 million barrels per day, but reflects a growth rate slightly weaker than in 2012.
"Economic picture is not clear (for 2013) and there are many potential uncertainties ahead," said the monthly report.
Organization of Petroleum Exporting Countries (OPEC) predicted in its latest monthly report, global oil demand in 2012 amounted to 88.74 million barrels per day (bpd), up from a previous estimate of 88.72 million barrels per harih, and higher than 87, 89 million barrels per day in 2011.
"Turbulence world economy does not slow down the oil consumption of the seasonal trend of the summer," OPEC said. "Not only did U.S. oil consumption grew slightly, but the Indian oil demand to grow dramatically."
OPEC said that demand for diesel oil India "bounce" to the level of "strong" in late July, after the flood and the death of three national electricity grid that crippled more than half of the country, affecting more than 600 million people.
In addition, the closure of most of Japan's nuclear power plants after the Fukushima disaster in March 2011 has encouraged "excessive use of crude oil and fuel oil during the summer," OPEC said.
For the 2013 OPEC, which produces a third of the world's crude oil demand estimated to be 89.55 million barrels per day, up slightly from their previous projection of 89.52 million barrels per day, but reflects a growth rate slightly weaker than in 2012.
"Economic picture is not clear (for 2013) and there are many potential uncertainties ahead," said the monthly report.
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2013,
oil,
OPEC,
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