OPEC ups 2009 call on own crude 100,000 b/d to
28.6 mil b/d
London (Platts)--13Oct2009/651 am EDT/1051 GMT
OPEC said Tuesday it expected demand for its crude to average 28.6
million b/d in 2009, 100,000 b/d more than its previous forecast a month
ago.
The oil producer group also revised upward its forecast of the
call on OPEC crude in 2010. It now sees demand for OPEC crude next year
averaging 28.4 million b/d, 300,000 b/d more than previously forecast.
The cartel noted that the higher projection for the current
year nevertheless represented a "considerable" decline of 2.3 million
b/d compared with 2008.
It also said that while growth in demand for OPEC crude next
year was currently projected at minus 0.2 million b/d, with a decline of
around 500,000 b/d in the first half, "the second half is expected to
return to positive growth of about 100,000 b/d, providing a sign of
recovery."
OPEC raised its projections of demand for its own crude in the
third and fourth quarter of this year by 180,000 b/d and 80,000 b/d to
28.8 million b/d and 29.25 million b/d respectively.
The fourth quarter figure is 350,000 b/d more than the 28.9
million b/d the group, using secondary source estimates, said it
produced in September.
But OPEC sees the call on its own crude plunging by 1.29
million b/d between the last quarter of this year and the first quarter
of next, when it is projected to average 27.96 million b/d.
Demand for OPEC crude is seen falling further in the second
quarter of 2010, by 470,000 b/d to 27.49 million b/d before climbing to
28.98 million b/d in the third quarter and 29.13 million b/d in the
fourth.
"Until there is a clearer picture about the pace of the global
recovery, the outlook for oil and other commodities will continue to be
highly dependent on economic signals," OPEC said.
"Given weak oil market fundamentals as reflected in high global
inventories and large OPEC spare capacity, there is a need for continued
close monitoring of both economic conditions and developments in the oil
market," it said.
--Margaret McQuaile, margaret_mcquaile@platts.com
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