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OPEC says 2013 oil demand may underperform

Nov 09 2012, 17:29 IST
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SummaryWorld oil demand growth could fall short of what is being forecasted next year, exporter group OPEC said on Friday.

World oil demand growth could fall short of what is being forecasted next year, exporter group OPEC said on Friday, citing Europe's troubled economy and the risk of weakness in faster-growing regions such as China and India.

The Organization of the Petroleum Exporting Countries, in a monthly report, left its forecast for growth in world demand in 2013 almost unchanged, reducing it by 10,000 barrels per day (bpd) to 770,000 bpd. But it said a larger reduction may follow.

The forecast oil demand growth has a notable downside risk, especially in the first half of the year, said the monthly report from OPEC's Vienna headquarters. Much of this risk is attributed to not only the OECD, but also China and India.

OPEC, which pumps more than a third of the world's oil, reiterated a warning it first made this summer that factors including economic weakness could shave 20 percent from next year's global demand growth assessment.

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