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OPEC sees economic gloom bottoming out

Posted on 12 October 2012

Though the global economy is in decline, the world’s oil demand for 2013 remains steady suggesting a leveling in international markets, OPEC said. The Organization of Petroleum Exporting Countries, in its monthly report for October, said global economic growth for 2012 was revised downward 0.2 percent to 3.1 percent.
For world oil demand, OPEC said it expected to see demand increase 800,000 barrels per day in 2013, unchanged from the previous month’s report. Demand for OPEC crude next year is expected to average 29.8 million bpd, a 300,000 bpd decline from 2012………………………………………..Full Article: Source

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