The Organization of Petroleum Exporting Countries (OPEC) has increased the forecast of world demand in oil in 2013 by 34,000 barrels a day up to 89.78 million barrels a day.
OPEC reported that in 2014 the forecast will be 90.78 million barrels a day (up 1.2% against this year).
In 2013 OPEC’s demand in oil expected to be 29.9 million barrels a day, down 500,000 barrels a day against 2012. In 2014 OPEC expects to have demand in oil at 29.6 million barrels a day.
The forecast of oil production in the non OPEC-members was increased by 35,000 barrels a day up to 54.1 million barrels a day, which envisages growth by 1.18 million barrels a day against 2012. In 2014 oil production outside of the cartel is expected to grow by additional 1.2 million barrels a day up to 55.3 million barrels a day.
In October the OPEC member-states extracted in average 29.89 million barrels a day, which is equal to September’s level. The production growth was registered in Iraq and Libya, which compensated the decline in Saudi Arabia.—0—
Economics
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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