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OPEC sees economic recovery to boost global demand in 2013
- Middle East: Wednesday, February 13 - 2013 at 02:57
OPEC has said that global oil demand is set to grow faster than previously thought in 2013, citing signs of a recovery in the world economy, Reuters has reported. Consumption of oil will expand by 840,000 barrels per day (bpd) this year, the 12-member organisation said in its monthly report, 80,000 bpd more than previously expected. "While a tentative recovery in the global economy is visible, a number of fiscal-related issues in the developed countries remain and are likely to impact growth in the coming months," OPEC said. Due to higher demand, and little change in supply expectations from producers outside the group, OPEC expects demand for its crude to average 29.78 million bpd in 2013, up 130,000 bpd from the previous estimate.
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