The Organization of Petroleum Exporting Countries (OPEC) cut its global oil demand forecast for the year 2030 in its annual World Oil Outlook (WOO) released Thursday.
According to the WOO 2008, OPEC forecasts that world oil demand would amount to 113.3 million barrels per day (bpd) in 2030. This is lower than the cartel's previous forecast of 117.6 million bpd published a year ago.
For the current year, the cartel is forecasting a total world oil demand of around 86.9 million bpd.
The lower forecast for world oil demand "reflects greater efficiency improvements due in part to the higher oil price assumption," OPEC said.
Fossil fuels would continue to provide most of the world's energy needs with a share consistently over 85 percent in 2030, OPEC said.
Non-crude sources including oil sands and biofuels would also occupy a significant share of the world's energy supply in 2030, it added.
Moreover, almost 11 million bpd of non-crude oil supply coming from non-OPEC nations by the year 2030 is foreseen, which would bean increase of more than 8 million bpd from the 2006 level, the Vienna-based cartel said.
OPEC therefore re-emphasized that there is more than enough supply to meet demand and oil stocks in major consuming countries are at comfortable levels.
The high oil prices should be blamed on market speculations, the sharp slide in the value of the U.S. dollar, ongoing geopolitical developments and refining tightness, it added.
Other factors such as global economic growth, rising populations, basic costs, global demand, oil-related policies, refining techniques and uncertainty of climates have also been highlighted.
OPEC reiterated that the organization itself had no influence over speculation and investor behavior, and it would continue to make a solid contribution in the interests of market order and stability.
According to the latest monthly report of International Energy Agency, the daily oil output of OPEC in June reached about 32.4 million barrels.
Source:Xinhua
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