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Global crude oil demand is forecast to grow by 1.2 mb/d in 2014, following upwardly‐revised growth of 930 kb/d in 2013. Unseasonably cold weather in the OECD helped to raise the estimates for 2Q13 and full year ..

13 Jul 2013

MUMBAI (Commodity Online): Non-OPEC crude oil supply is expected to grow by 1.12 mn barrels per day (mb/d) in 2013, an upward revision of 0.64 mb/d which foretasted earlier, stated London based Barclays in its recent market report.

Non‐OPEC crude oil supply is forecast to increase by 1.3 mb/d in 2014, higher than an upwardly revised 1.2 mb/d for 2013, said International Energy Agency in its recent release.

Global crude oil demand is forecast to grow by 1.2 mb/d in 2014, following upwardly‐revised growth of 930 kb/d in 2013. Unseasonably cold weather in the OECD helped to raise the estimates for 2Q13 and full year 2013 by 645 kb/d and 215 kb/d, respectively, IEA added.

Higher than expected crude oil production is expected in the United States this year. Crude production is almost 1.2 mb/d above the levels seen this time last year, exceeding most agencies’ forecasts.

A strong crude oil production growth is noted in Canada in the year-to-date, according to its National Energy Board. Also, crude oil production Kazakhstan is higher than expected this year and may continue with the trend till end of the year.

Less than expected economic growth around the globe may limit the crude oil consumption to certain extent. Persisting political chaos in the Middle East, weak manufacturing growth in China and around the globe may influence crude oil demand and supply to certain extent.


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