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 The Organization of Petroleum Exporting Countries said Wednesday it wouldn't
need to boost its supply after cutting demand forecasts for its crude and boosting
supply estimates for rival producers, despite the impact of a U.S. oil spill.In its monthly report for June, the organization also warned of likely downgrades
in global consumption estimates in the second half, and slightly cut its annual
forecast amid a slowing recovery.
OPEC cut 2010 demand estimates for its crude by 70,000 barrels a day and now
sees a year-on-year decline of 175,000 barrels a day. "This would leave no room
for additional crude oil supplies in the market," it said. OPEC's next meeting
is not due until October.
The organization, which members currently produce over a third of the oil consumed
worldwide, is loosing market share to non members, which include Russia and the
U.S.
It boosted non-OPEC oil supply estimates by 110,000 barrels a day for 2010, making
it an increase of 640,000 barrels a day.
The largest upgrade came from U.S. supply, despite OPEC warning production there
could be affected by an extension of a Gulf of Mexico drilling moratorium and
a hurricane season expected to be worse than usual.
The moratorium, which follows an explosion and a huge spill at BP's Macondo well
on Apr. 20, is affecting 35 wells "which will have a heavy influence on production
in 2010 and 2011," OPEC said.
The group also warned "an expected moderation in the pace of the economic recovery
is likely to impact demand growth forecasts for the second half."
It cut its global oil demand forecast for the year by about 10,000 barrels a
day to 85.37 million barrels a day, but kept consumption growth unchanged at about
950,000 barrels.
Despite the challenges they face in finding buyers for every new barrel they
produce, OPEC members have been steadily increasing their output in the past twelve
months.
In May, quota-bound members increased production by 19,600 barrels a day to 26.83
million barrels a day, despite agreeing to 4.2 million barrels a day in cuts late
2008.
Iraq, the only OPEC not subject to quotas, experienced the largest rise in the
month, with 121,300 barrels a day. CommentsFor posting your message please login or register |
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