VIENNA – Though the global economy is in decline, the world's oil demand for 2013 remains steady suggesting a leveling in international markets, said the Organization of Petroleum Exporting Countries (OPEC) in its monthly report for October. It said global economic growth for 2012 was revised downward 0.2 percent to 3.1 percent. For world oil demand, OPEC said it expected to see demand increase 800,000 barrels per day in 2013, unchanged from the previous month's report. Demand for OPEC crude next year is expected to average 29.8 million bpd, a 300,000 bpd decline from 2012. “The projections for global oil consumption continue to be affected by the uncertainties facing the world economy,” OPEC said. “The combination of an austerity-driven eurozone, the weakening recovery in Japan, and clear signs of a slowdown in major emerging economies have been the main factors behind this development.” In terms of the US market, OPEC said the economy there was “below potential” with deceleration forecast for next year. – Agencies
