Friday, 10 May 2013

OPEC sees higher oil demand in second-half 2013

The Organization of the Petroleum Exporting Countries in a monthly report forecast 2013 demand for its crude will average 29.84 million barrels per day (bpd), up 90,000 bpd from the previous estimate. The 12-member group's own production rose by 280,000 bpd in April to 30.46 million bpd, according to secondary sources cited by the report, led by higher output in Saudi Arabia and Iraq. OPEC left its forecast for growth in world demand in 2013 unchanged at 800,000 bpd and warned of downside risks to the forecast.

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