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Commodities Briefing - Categorized | Market Pulse, Oil more

OPEC forecasts hike in oil demand

Posted on 21 May 2013

The Organization of the Petroleum Exporting Countries (Opec) will need to pump slightly more oil than it thought in 2013 and expects global consumption to be much higher in the rest of the year, signs of a stronger market that argue against any calls for supply restraint when the group meets on May 31.
Opec in a monthly report forecast 2013 demand for its crude will average 29.84 million barrels per day (mbpd), up 90,000 bpd from the previous estimate. Both world oil demand and the demand for Opec oil will increase in coming months. The average requirement for Opec’s crude in the second half will be 30.47 mbpd, up from 29.14 mbpd in the current quarter………………………………..Full Article: Source


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