OPEC SEES DEMAND FOR ITS CRUDE FALLING TO 2016 ON ECONOMY, SHALE
November 09, 2012
the group said today in its annual World Oil Outlook.
Demand for OPEC's crude will decline through to 2016 because of the weakening economic outlook and growing reliance on competing sources such as U.S. shale oil deposits and natural gas liquids.
Global need for fuel from OPEC will shrink to 29.7 million barrels a day in 2016, 1.4 million less than this year .
The estimate for 2015 is 1.6 million barrels .
OPEC predicts it may have more than 5 million barrels of daily spare production capacity as "Shale oil represents a large change to the supply picture."
IEA SEES OPEC OUTPUT RISING BY MORE THAN 10 MILLION B/D BY 2035
November 12, 2012
In its latest annual World Oil Outlook..
The International Energy Agency sees OPEC oil production growing significantly in the long term, boosted by the large reserves held by its member countries.
the IEA said it saw OPEC output rising by more than 10 million b/d from current levels until 2035.
"Oil production in OPEC countries as a group is poised to grow significantly over the longer term reflecting their large resource base and relatively low finding and development costs, though short-term market management policies will probably continue to constrain the rate of expansion of supply," .
"The bulk of the increases in OPEC production comes from the Middle East, predominantly Iraq .
The IEA sees total OPEC output rising to 37.3 million b/d in 2015 from 35.7 million b/d in 2011.
and to 38.5 million b/d in 2020.
By 2025 OPEC production is set to reach 40.4 million b/d
before rising to 43 million b/d in 2030
and to 46.5 million b/d in 2035.
