OPEC raises world oil demand forecast
MOSCOW. Feb 12 (Interfax) - The Organization of the Petroleum Exporting Countries (OPEC) has raised its forecast for global oil demand by 80,000 barrels per day (bpd) to 89.7 million bpd, which is 800,000 bpd higher than the forecast for 2011, the cartel said in its oil market report for February.
China accounts for 400,000 bpd of the increase.
The forecast for OPEC's own demand was raised by 100,000 bpd to 29.8 million bpd, although that level is still 300,000 bpd less than in 2011.
OPEC members produced 30.3 million bpd in January, including 9.1 million bpd by Saudi Arabia, 75,800 bpd less.
The non-OPEC oil supply is forecast to increase by 900,000 bpd this year to 53.9 million bpd, due to production gains in the U.S., Canada, Sudan, Brazil, Australia and Kazakhstan.
Production in CIS countries is forecast to rise by 100,000 bpd this year compared to last, reaching 13.41 million bpd. Production increases are forecast in Russia and Kazakhstan, but they will be more moderate than previously expected due to limited new developments, declines at mature fields and tax issues. Nonetheless, the CIS will maintain its 25% share of global oil production.
OPEC's forecast for Russia's production is unchanged at 10.42 million bpd, an increase of 50,000 bpd over last year.