OPEC report shows optimism about world oil market outlook

2013-02-12 19:58:57 GMT2013-02-13 03:58:57(Beijing Time)  Xinhua English

VIENNA, Feb. 12 (Xinhua) -- The Organization of Petroleum Exporting Countries (OPEC) on Tuesday revised upward the demand for crude oil in 2013, showing confidence about the future oil market.

In its monthly report released Tuesday, OPEC oil demand in 2013 was forecast at an average of 29.8 million barrels per day (mb/d), an upward adjustment of 0.1 mb/d from the previous forecast.

This increase is based on an expected world economic recovery and improving confidence in the global outlook, the Vienna-based secretariat said.

The report said thanks to growing demand from China, the forecast for world oil demand in 2013 was revised up to 0.8 mb/d.

OPEC reported that total OPEC crude oil production averaged 30.32 mb/d in January, a decrease of about 20 tb/d from the previous month.

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