CGES expects decrease in need for OPEC oil
The demand for OPEC oil will fall by 670,000 barrels per day (bpd) in 2013, according to the Centre for Global Energy Studies (CGES) forecasts.
"If OPEC misreads how much oil the industry wishes to hold and does not cut back output, its member-states could be faced with a potentially damaging price drop," CGES said in its report.
According to the CGES forecasts, in 2012 need for OPEC oil will increase by 850,000 bpd compared to the growth in OPEC oil demand of 990,000 bpd in 2011.
"Although the demand growth was much more modest in 2011, OPEC again failed to produce enough oil. The need for OPEC oil increased by 0.99 mbpd, but, due to the loss of Libyan production, the Organisation's output increased by just over a half of that amount," CGES said in the report.
CGES expects global oil demand growth at 0.77 million bpd in 2012 and at 0.81 million bpd in 2013.
According to OPEC estimates, the organisation's oil production decreased by 265,000 bpd to 31.08 million bpd in September 2012.
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