WASHINGTON (dpa-AFX) - The Organization of the Petroleum Exporting Countries maintained its 2012 world oil demand growth forecast at 0.90 mbd and said the summer driving season, the summer heat, and the continued shutdown of most of Japan's nuclear capacity supported demand growth.
In its monthly Oil Market Report released today, the OPEC held its 2012 world oil demand at 0.90 million barrels per day (mbd) and that of 2013 at 0.80 mbd., while noting that global oil demand has overcome earlier expectations of a declining momentum and moved to a more stabilized trend
Meanwhile, the OPEC held its world economic growth forecast for the year 2012 unchanged at 3.3 percent. While revising up its economic growth forecast for the U.S. by 0.1 percentage points (pp) to 2.2 percent, the cartel held its growth estimates for Japan broadly unchanged at 2.5 percent. The euro zone economy is seen contracting 0.4% this year, before expanding by 0.1% in2013.
The cartel expects non-OPEC oil supply to grow by 0.7 mbd in 2012, on improved outlook and higher-than-expected output from the US, Australia, the Sudans, and Yemen.
Commenting on the U.S. stock piles, the cartel said US total commercial oil stocks rose for the third consecutive month in July, up 7.3 mb, to end the month at 1,105.4 mb, the highest level since October 2011. Inventories stood 3.6 mb above a year ago and 27.8 mb over the five-year average.
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