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SAUDI OUTPUT FLAT

Opec trims 2013 oil demand growth

London, April 10, 2013

Oil producer group Opec on Wednesday trimmed its forecast for global growth in oil demand in 2013, citing weaker-than-expected consumption in Europe and Japan.

The Organization of the Petroleum Exporting Countries in a monthly report forecast world oil demand will rise by 800,000 barrels per day (bpd) this year, a cut of 40,000 bpd from the previous estimate.

The 12-member group's own production fell by 100,000 bpd in March to 30.19 million bpd, according to secondary sources cited by the report, led by reduced output in Iran and Nigeria.

Top Opec exporter Saudi Arabia is still keeping output flat after a sharp reduction in supply at the end of 2012. Saudi told Opec it pumped 9.14 million bpd in March, steady from 9.15 million bpd in February. – Reuters




Tags: Saudi Arabia | Opec | London | Oil demand |

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