Oil rich countries could be in for a profitable year as OPEC’s Monthly Oil Market Report (MOMR) forecasts world oil demand to rise by one million barrels per day, compared with 900,000 barrels per day last year. According to the report, the increase would be supported by improved performances by the emerging economies as the global economy continues to recover.
With global economic growth in 2014 projected to increase to 3.5 per cent from 2.9 per cent in 2013, OPEC observed that “Oil demand growth continues to come mainly from non- OECD (Organisation for Economic Cooperation and Development) countries, while OECD oil demand is expected to show a further contraction, albeit at a slower rate.”
On the oil supply side, non-OPEC supply growth in 2014 is expected at almost the same level as last year at 1.2 million bpd with some risks in both directions, given possible early start-ups or delays, as well as political, technical and meteorological factors.
