OPEC said Friday it expects demand next year for crude produced by its members to average 29.2 million b/d, little changed from its month-ago estimate, as rising demand for oil will be met by growing non-OPEC supplies.
In its latest monthly report, the oil producer club raised its estimates of world oil demand in 2010 and 2011 to reflect expectations of robust demand recovery in the US and Chinese growth continuing to surge ahead.
For 2011, OPEC raised its world demand estimate by 160,000 b/d to 87.11 million b/d. For this year, OPEC raised its demand estimate by 150,000 b/d to 85.93 million b/d.
OPEC's revised estimates now predict year-on-year growth in oil demand of 1.47 million b/d in 2010 and 1.18 million b/d in 2011.
On the supply side, OPEC said it now sees non-OPEC supply in 2011 at 52.62 million b/d, some 100,000 b/d higher than previous estimates.
Non-OPEC supply growth for 2010 has also been revised to now stand at 1.1 million b/d, up from previously forecast growth of 300,000 b/d. The upward revision was mainly driven by growth in non-conventional oil and the strong performance of Russia.
"Given the existing level of excess inventories, ample crude oil spare production capacity and idle refinery capacity, the market is expected to have a robust cushion against any sudden surge in demand or disruption in supply," OPEC said of the oil market in 2011. OPEC CALL
OPEC revised upward its forecast of the call on OPEC crude this year by 100,000 b/d to 28.9 million b/d while the "call" on its crude was unchanged at 29.2 million b/d.
Demand for OPEC crude in the third quarter of 2011 was revised up to 30.57 million b/d, however, reflecting adjustment to the 2010 baseline.
"Required OPEC crude is forecast to increase by 300,000 b/d following three consecutive annual declines," OPEC said referring to its average 2011 estimates.
OPEC works out demand for its crude as the difference between projected global demand and non-OPEC supply.
In November, total OPEC crude production fell slightly by 43,000 b/d in compared to the previous month to average 29.20 million b/d, OPEC said.
Excluding Iraq, meanwhile, OPEC's 11 members bound by quotas are estimated to have produced an average 26.83 million b/d in November, 29,000 b/d less than in October and 1.98 million b/d more than their 24.845 million b/d target, which has now been in place for almost two years.
OPEC uses secondary sources to monitor its own production.
In its latest monthly report, the oil producer club raised its estimates of world oil demand in 2010 and 2011 to reflect expectations of robust demand recovery in the US and Chinese growth continuing to surge ahead.
For 2011, OPEC raised its world demand estimate by 160,000 b/d to 87.11 million b/d. For this year, OPEC raised its demand estimate by 150,000 b/d to 85.93 million b/d.
OPEC's revised estimates now predict year-on-year growth in oil demand of 1.47 million b/d in 2010 and 1.18 million b/d in 2011.
On the supply side, OPEC said it now sees non-OPEC supply in 2011 at 52.62 million b/d, some 100,000 b/d higher than previous estimates.
Non-OPEC supply growth for 2010 has also been revised to now stand at 1.1 million b/d, up from previously forecast growth of 300,000 b/d. The upward revision was mainly driven by growth in non-conventional oil and the strong performance of Russia.
"Given the existing level of excess inventories, ample crude oil spare production capacity and idle refinery capacity, the market is expected to have a robust cushion against any sudden surge in demand or disruption in supply," OPEC said of the oil market in 2011. OPEC CALL
OPEC revised upward its forecast of the call on OPEC crude this year by 100,000 b/d to 28.9 million b/d while the "call" on its crude was unchanged at 29.2 million b/d.
Demand for OPEC crude in the third quarter of 2011 was revised up to 30.57 million b/d, however, reflecting adjustment to the 2010 baseline.
"Required OPEC crude is forecast to increase by 300,000 b/d following three consecutive annual declines," OPEC said referring to its average 2011 estimates.
OPEC works out demand for its crude as the difference between projected global demand and non-OPEC supply.
In November, total OPEC crude production fell slightly by 43,000 b/d in compared to the previous month to average 29.20 million b/d, OPEC said.
Excluding Iraq, meanwhile, OPEC's 11 members bound by quotas are estimated to have produced an average 26.83 million b/d in November, 29,000 b/d less than in October and 1.98 million b/d more than their 24.845 million b/d target, which has now been in place for almost two years.
OPEC uses secondary sources to monitor its own production.
