Out from the last report from Opec, they see that the oil demand for 2010 will rise. The Demand for OPEC crude in 2010 is forecast to average 28.1 mb/d, representing an upward revision of around 80,000 b/d from the previous assessment.
This represents a drop of 0.5 mb/d from the current year and the third consecutive annual decline. As the decline is much smaller than in the previous year, the figure can be seen as a sign of recovery. On a quarterly basis, the demand for OPEC crude is expected at 27.7 mb/d, 27.3 mb/d, 28.5 mb/d and 28.7 mb/d respectively.
The forecast for world economic growth in 2009 was revised up by 0.2 percentage points (pp) to now stand at minus 1.2%, while 2010 was revised up by 0.1 pp to 2.5%. These adjustments were mainly due to an improvement in the global growth numbers for the second quarter. The major revisions were made in the Euro-zone, Japan and China.
Supply and demand in million barrels per day
| 2009
|
|
2010
|
|
| World demand
|
84.1
|
World demand
|
84.6
|
| Non-OPEC supply
|
55.5
|
Non-OPEC supply
|
56.5
|
| Difference
|
28.5
|
Difference
|
28.1
|
Non-OPEC supply includes OPEC NGLs and non-conventional oils.
Totals may not add due to independent rounding.
Tags:
Opec
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