OPEC Market Forecast Sees Global Crude Demand of 89 Million Barrels/day

24/7 Wall St.

In the May version of OPEC’s monthly Oil Market Report, the cartel keeps its previously forecast global demand total for 2012 at just under 89 million barrels/day. Demand is growing in Japan where the shutdown of the country’s nuclear power plants is increasing the need for oil. US demand is also higher, according to OPEC, which attributes the increase to “stabilization of the US economy.”

Non-OPEC global supply is expected to grow by 600,000 barrels/day this year, primarily due to increased production in the US. The report, which never includes data on OPEC supply that is generated by the cartel itself, cites non-OPEC sources as giving a total OPEC supply of 31.62 million barrels/day in April, up 320,000 barrels/day from March. Non-OPEC supply in 2012 is forecast at just over 53 million barrels/day. The difference between global demand of 89 million barrels/day and global supply of 84.62 million barrels/day is…

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