OPEC says oil demand to rise in 2014

Global oil demand is set to reach 90.98 million barrels a day, a daily increase of 1.09 million barrels compared to 2013.

OPEC says oil demand to rise in 2014

World Bulletin / News Desk

The Organisation of Petroleum Exporting Countries (OPEC) expects the global oil demand to reach 90.98 million barrels a day in 2014, a daily increase of 1.09 million barrels compared to 2013.

The 12-member OPEC´s February report on the oil market cites an economic rebound in Europe and the United States as the reason behind the increase from January's estimate of 90.91 million barrels a day.

"The United States' recovery continues with a better-than-expected dynamic," OPEC said. "The eurozone continues its recovery from a very low level and a mixed growth pattern, as has been observed in the past months."

Addressing increased global demand by emerging economies, the report added, "Demand from China was expected to increase by 340,000 barrels a day to 10.40 million barrels a day.”

OPEC’s largest producer Saudi Arabia pumped 9.63 million barrels a day in January, a decrease of 1.1 percent compared with 9.74 million barrels a day in December.

OPEC is currently comprised of Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, Algeria, Nigeria, Angola, Ecuador and the United Arab Emirates. 

Last Mod: 13 Şubat 2014, 09:45
Add Comment