OPEC cuts 2013 estimate of call on its own crude to 29.71 mil b/d
London (Platts)--12Mar2013/1027 am EDT/1427 GMT
OPEC Tuesday cut its estimate of demand for its crude in 2013 to 29.71
million b/d, down 70,000 b/d from its previous projection.
In its latest monthly oil market report, OPEC said it estimated the call
on OPEC crude in the first quarter of this year at 29.25 million b/d, down
from a previous estimate of 29.39 million b/d.
This compares with the group's actual production in February of 30.311
million b/d, according to secondary source estimates detailed in the group's
monthly report.
The adjustment to the call on OPEC matched an increase in OPEC's
estimate of non-OPEC oil supply in 2013 to 53.98 million b/d, up 60,000 b/d
from the previous estimate.
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The revised figure leaves year-on-year growth in non-OPEC supply at
960,000 b/d, up sharply from an increase of 550,000 b/d in 2012.
The biggest increase in 2013 is expected to come from North America,
OPEC said, with further growth from Latin America and the former Soviet Union.
US oil supply is forecast to rise by 580,000 b/d to reach 10.59 million
b/d this year, the highest since 1985, OPEC said.
OPEC left its estimate of world oil demand growth in 2013 unchanged at
840,000 b/d.
Demand in OECD countries is expected to contract by 300,000 b/d, but
this is outweighed by expected growth in consumption from China (360,000
b/d), the Middle East (270,000 b/d), Latin America (220,000 b/d) and
elsewhere, OPEC said in its report.
--Richard Swann, richard_swann@platts.com
--Edited by Jonathan Dart, jonathan_dart@platts.com