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OPEC Maintains 2012 Global Oil Demand Forecast

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.

by RTT Staff Writer

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