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OPEC hikes 2012 world oil demand forecast
Published in The Saudi Gazette on 11 - 05 - 2012


OPEC revised its 2012
world oil demand outlook slightly
upwards Thursday citing a stable US
economy and the shutdown of nuclear
plants in Japan, which boosted
demand.
The Organization of Petroleum
Exporting Countries (OPEC) expected
2012 demand at 88.67 million
barrels per day (bpd), up 0.90 million
bpd from 2011, in its latest monthly
report. This represented a minor hike
from its previous estimate in April
which stood at 88.64 million bpd.
“Given the stabilization of the
US economy and the shutdown of
Japanese nuclear power plants, world
oil demand growth has - at least for
the short-term - stopped its declining
trend and is showing some growth,”
OPEC said.
Demand outside the OECD developed
countries was higher while
countries such as India and Saudi
Arabia were consuming more than
expected, it added.
However, Europe's economic
worries continued to hurt demand,
OPEC said, warning that high oil
prices in the US could also have a
dampening effect on the approaching
summer driving season.
“The most important sector (in
the US), transportation, continues to
consume less oil than it did last year,
due mainly to the country's economic
activity and high retail prices,” the report
said.
With economic developments
and fuel prices uncertain, “the outlook
for US oil consumption for the
entire year remains rather pessimistic,”
it added.
World oil demand could also be
impacted by events in Japan, which
switched off its last working reactor
Saturday amid a debate over whether
the country should retain nuclear
power in the wake of the Fukushima
disaster last year.
“Should Japan restart its nuclear
plants, the country's high oil-usage
would slow down dramatically,”
OPEC said. The 12-member OPEC,
which accounts for about a third of
global oil supply, pumped some 31.62
million bpd in April, up 0.32 million
bpd from March, with members Iraq,
Libya, Saudi Arabia, Nigeria, and
Angola hiking production.
Iran on the other hand saw output
drop, OPEC said, citing secondary
sources.
On Thursday, oil prices slipped as
a sharper-than-expected US stockpile
gain further spooked nervous investors
already shaken by worries over
the eurozone in the wake of French
and Greek elections, analysts said.
New York's main contract, light
sweet crude for delivery in June,
dipped 12 cents to $96.69 per barrel
in the afternoon and Brent North
Sea crude for June __


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