RTTN:OPEC Maintains 2012 Global Oil Demand Forecast
(RTTNews) - The Organization of the Petroleum Exporting Countries maintained its world oil demand growth forecast for 2012 but cautioned that economic developments world-wide had placed a great amount of uncertainty on oil demand.
In its monthly Oil Market Report released today, the OPEC held its 2012 world oil demand at 0.90 million barrels per day (mbd).
The upcoming driving season in the Northern Hemisphere might be affected by retail gasoline prices and economic development, leading to a further decline in world oil demand. However, the shutdown of Japan's nuclear plants is leading to more fuel and crude oil usage in the power sector, the cartel noted.
US commercial oil stocks rose by 17.7 mb in May, up 9.1 mb over a year ago and nearly 30.0 mb higher than the five-year average, after declining by 4.3 mb in April, the cartel noted in its report
Meanwhile, the OPEC held its world economic growth forecast for the year 2012 unchanged at 3.3 percent. While revising down its economic growth forecast for the US by 0.1 percentage points (pp) to 2.2 percent the cartel noted that euro-zone's economic growth continues to decline and the forecast for 2012 now shows a contraction of 0.4 percent. Meanwhile, growth forecast for Japan has been revised up by 0.2 pp to 2.0 percent.
The cartel expects non-OPEC oil supply to grow by 0.7 mbd in 2012, an upward revision of 30,000 bd from the previous month.
