Wednesday, May 14, 2014

China, Middle East to lead oil demand growth, says OPEC

Market Watch, WSJ - May 13, 2014

Much of the growth in global oil demand will come from China and the Middle East this year, the Organization of the Petroleum Exporting Countries said in its monthly report released Tuesday.
OPEC expects global oil demand to rise 1.14 million barrels a day to reach 91.15 million barrels a day this year. That’s unchanged from the previous report.
But “almost half of annual oil demand growth is seen coming from China and the Middle East,” it said.
OPEC sees demand growth from China of 330,000 barrels a day, or 3.3%, in 2014 compared with 2013 and demand growth from the Middle East of 310,000 barrels a day, or 3.9%.
Still, OPEC pointed out that economic growth in China slowed to 7.4% year-to-year in the first quarter, with a quarter-on-quarter growth rate of just 1.4% — the weakest growth rate since the fourth quarter of 2008. Growth expectations for China GDP were left unchanged for this year at 7.5%, OPEC said.

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