World oil demand growth could fall short of forecasts in 2013, producer group OPEC said on Tuesday, citing economic risks in the euro zone and the United States.
The Organization of the Petroleum Exporting Countries in a monthly report left its forecast unchanged for now, still expecting that global oil consumption will expand by 840,000 barrels per day (bpd) this year.
“However, there are a number of downward risks to this growth,” the report from OPEC’s Vienna headquarters said. “The euro’s instability could lead to even deeper recession in some Mediterranean countries.
“And the potential impact of a full budget cut in the United States could drag down the world economy, consequently reducing oil demand.”
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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