RISE IN WORLD OIL DEMAND TO DROP IN 2008: CENTER FOR GLOBAL ECONOMIC STUDIES

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RISE IN WORLD OIL DEMAND TO DROP IN 2008: CENTER FOR GLOBAL ECONOMIC STUDIES

The rise in world oil demand will drop by 0.9mln barrels a day in 2008 from 1.1mln barrels in 2007, said a report by Manouchehr Takin, a senior analyst at the London-based Center for Global Economic Studies (CGES), posted on the website of CGES.
According to his estimations, the world oil consumption will total to 86.9mln barrels a day in 2008 against 86mln barrels a day in 2007.
According to the last forecast of the cartel, the oil demand of OPEC will total to 32mln barrels a day in 2008, which is 90,000 barrels less than that of 2007. The oil demand of OPEC will drop by 710,000 barrels by 2009 and it will total to 31.2mln barrels a day.
The world needs more OPEC oil but the producer organization is unwilling to increase output, Energy Intelligence Group said quoting monthly report of CGES.
“OPEC is overestimating the increase in output from non-OPEC suppliers and OPEC's claim that the world is well supplied with oil does not stand up to scrutiny. The world faces shortage of oil from mid-2006 and the only reason for output restraints is willingness of OPEC to increase output,” report said.
The CGES argues that OPEC's expectation for non-OPEC supply this year is "unrealistic."
“OPEC is forecasting a year-on-year increase of 560,000 b/d in non-Opec output in 2008, even though first-half production was down by around 330,000 b/d,” report said.
According to last OPEC forecast, the oil supply by non-OPEC states will go up by 0.9mln b/d up to 51mln barrels a day in 2009.

Azerbaijan, Baku, 22 July/ TrendCapital, corr A. Badalova

Hits: 220 | Published: 22 July 2008 | Category: News