The Organization of the Petroleum Exporting Countries maintained its world oil demand growth forecast for 2012 and said stabilization of the US economy and the shutdown of Japanese nuclear power plants has stopped the declining trend.
In its monthly Oil Market Report released today, the OPEC held its 2012 world oil demand at 0.90 million barrels per day (mbd).
US commercial oil stocks reversed the build of the previous month, declining by 4.3 mb, the cartel noted in its report
Meanwhile, the OPEC held its world economic growth forecast for the year 21012 unchanged at 3.3 percent. While revising up its economic growth forecast for the US by 0.1 pp to 2.3 percent the cartel noted that euro-zone's economic growth continues to decline and the forecast for 2012 now shows a contraction of 0.4 percent, down from minus 0.3 percent previously. The growth forecast for Japan remains unchanged at 1.8 percent
The cartel expects non-OPEC oil supply to grow by 0.6 mbd in 2012, an upward revision of 50,000 bd from the previous month.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.