Azerbaijan, Baku, Feb. 12 / Trend A. Badalova /
World oil demand will increase by 0.84 million barrels per day (bpd) to 89.68 million bpd in 2013, OPEC's February oil market report, published on Tuesday said.
"Using the latest information from the fourth quarter as a guide and given some signs of a recovery in the world economy in 2013, colder-than-normal weather in the beginning of this year suggests that the world oil demand in 2013 could see growth similar to the previous year," OPEC's report said.
According to OPEC's forecasts, oil demand in OECD (Organisation for Economic Cooperation and Development) countries this year will decrease by 0.25 million bpd to 45.87 million bpd.
The developing countries' oil demand is expected to increase by 0.65 million bpd to average 28.6 million bpd in 2013.
OPEC's estimates show global oil demand stood at 88.84 million bpd in 2012.
Non-OPEC supply
OPEC predicts non-OPEC oil supply to increase by 0.94 million barrels per day (bpd) and average 53.92 billion bpd in 2013.
"The non-OPEC oil supply increase in 2013 is seen as being driven by growth in OECD Americas and Latin America, as well as in the FSU (former Soviet Union), while OECD Europe output is seen to decline," OPEC's report said.
According to OPEC forecasts, oil supplies by OECD countries will increase by 0.54 million bpd to 21.58 mln bpd in 2013.
Oil production in the U.S. is projected at 17.3 million bpd in 2013 compared to 16.66 mln bpd in 2012.
According to the OPEC forecasts, the countries of the FSU will supply 13.41 million bpd in 2013 or 0.1 million bpd more than in 2012.
OPEC expects Middle East oil supply to decline by 0.02 million bpd to 1.5 mln bpd in 2013.
In 2012, according to OPEC's forecasts, non-OPEC supply amounted to 52.98 million bpd in 2012.
OPEC supply
According to the report, OPEC oil production decreased by 0.21 million bpd to 30.32 million bpd in January, 2013.
Oil production increased in Angola, Iran, Iraq, and Venezuela, while declining in Saudi Arabia, Nigeria, Algeria, the UAE, and Libya, the report said.
OPEC's estimates show that in January, 2013 OPEC oil production, not including Iraq, averaged 27.29 million bpd, down by 50,000 bpd from December, 2012.