The Organization of Petroleum Exporting Countries, or OPEC, on Tuesday kept its forecast for global-oil-demand growth in 2012 unchanged at 0.9 million barrels a day. The group said there is downside risk from the possibility that the economic slowdown in developed countries will spill over into non-OECD nations.
For 2013, it is forecasting 0.8 million barrels a day, which is unchanged from the prior month as well, according to its monthly oil market report. OPEC said demand in July shot higher, up 1.1 million barrels per day on an annual basis, lifted by U.S. consumption but also by much stronger Indian demand.
OPEC said it expects third-quarter oil demand to surpass fourth-quarter demand within two years, with that change in oil demand seasonality likely to alter shipping and transport of oil world-wide. Non-OPEC supply is seen rising by 0.7 million barrels per day in 2012,and 0.9 million barrels per day in 2012, both unchanged from the prior month, the report said.
