The Organization of the Petroleum Exporting Countries expected world oil demand to reach 88.74 million b/d in 2012, constituting an increase of 1% from 87.89 million b/d in 2011, and to rise to 89.55 million b/d in 2013. It noted that spillovers from the slowing global economy constitute the main downside risk to this outlook. It said that several factors could impact the forecast of oil demand growth, such as global GDP growth, retail petroleum prices, and weather. It pointed out that adverse changes in these variables would reduce global oil demand growth forecast by 20% in 2013.
Source: OPEC
17 September
World oil demand to increase in 2013
OPEC
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