The Organisation of Petroleum Exporting Countries (OPEC) yesterday trimmed its forecast for global growth in oil demand in 2013, becoming the second of the world’s closely watched oil forecasters this week to predict weaker consumption.
The move by the Organisation in a monthly report follows a similar downward revision to oil demand growth in 2013 by the U.S. Energy Information Administration (IEA) on Tuesday.
OPEC has predicted that world oil demand will now rise by 800,000 barrels per day (bpd) this year, a difference of 40,000 bpd from its previous estimate. The Organisation cited weaker-than-expected oil use in developed economies, particularly Europe and Japan for the downward review.
“Monthly data that is starting to emerge for the first quarter of 2013 suggests that OECD demand may be disappointing compared with our previous assessment,” said the report by economists at OPEC’s headquarters in Vienna, according to Reuters report.
In the report, OPEC slightly increased the forecast demand for its own crude in 2013 by 40,000 bpd to 29.75 million bpd, due to a lower expectation of supplies from outside the 12-member group, which includes Nigeria.
According to the report, output from the OPEC members fell by 100,000 bpd last month to 30.19 million bpd, led by Iran and Nigeria. That would be the lowest since March 2011, based on Reuters data.
OPEC which is the source of more than a third of the world’s oil, has been flagging the prospect that demand may prove weaker than expected due to the euro zone’s economic problems and uncertainties about the outlook for the U.S. economy.
The EIA on Tuesday also cut its 2013 world oil demand growth forecast by 50,000 bpd, although it still sees a stronger rate of growth in oil demand than OPEC of 960,000 bpd.
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