OPEC says ample oil supply to persist in 2013

Wed Oct 10, 2012 7:04am EDT
 
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LONDON (Reuters) - OPEC trimmed its forecast for world oil demand growth in 2013 due to a slowing global economy and said it expected a trend for ample supply to persist next year, even after a drop in supplies in September.

The Organization of the Petroleum Exporting Countries, in a monthly report, trimmed its forecast for growth in world oil demand in 2013 by 30,000 barrels per day (bpd) to 780,000 bpd and said the risk remained skewed to the downside.

Reinforcing its message that supply is ample, OPEC said this year's oil demand forecast has frequently been reduced, while supply from producers outside the 12-member group has performed well.

"This trend is not expected to change in the coming year, with the market continuing to be characterized by high volumes of crude supply and increasing production capacity," said the report from OPEC's Vienna headquarters.

The group's own production fell by 265,000 bpd in September to 31.08 million bpd, according to secondary sources cited by the report, led by declines in output in Angola and Nigeria.

(Reporting by Alex Lawler; editing by Keiron Henderson)