OPEC: SMALL UP
OPEC Monthly Oil Market Report:
World economic growth for 2013 and 2014 remains at 2.9% and 3.5%, respectively. The 2014 forecast for the OECD is unchanged at 2.0%, compared to 1.3% in 2013. In contrast, China's growth for 2014 has been revised down slightly to 7.6%, just below estimated 2013
growth of 7.7%. India's forecast remains at 5.6% for 2014 and 4.7% for 2013. The ongoing trend of accelerating economic growth in the OECD amid a slowdown in emerging economies has been confirmed by the latest data.
World Oil Demand
World oil demand growth for 2013 was revised up by 70 tb/d to stand at 1.05 mb/d. Upward revisions were seen in OECD Americas and Europe, reflecting stronger-thanexpected seasonal demand for 4Q13. Africa was also higher due to baseline effects. For 2014, global oil demand is seen rising by 1.14 mb/d, following an upward revision of 50 tb/d.
World Oil Supply
Non-OPEC oil supply is expected to increase by 1.31 mb/d in 2014, following estimated growth of 1.33 mb/d in 2013. Growth is seen mainly coming from the US, Canada, and Brazil, while Norway, UK and Mexico are seen declining. In February, OPEC crude
production, according to secondary sources, averaged 30.12 mb/d, up 259 tb/d from a month ago.
Balance of Supply and Demand
Demand for OPEC crude for 2013 and 2014 was revised up by 0.1 mb/d to stand at 30.0 mb/d and 29.7 mb/d, respectively. Compared to the previous year, demand for OPEC crude is expected to decline by 0.3 mb/d in 2014, following an estimated drop of 0.5 mb/d in 2013.
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PENNENERGY - Siemens Gamesa Renewable Energy has secured orders for the supply of 39 onshore wind turbines in France, with aggregate capacity of 104 MW, at five wind farms being developed in the regions of Hauts de France, Grand Est, Burgundy and in Western France.
FRB - Industrial production rose 1.1 percent in February following a decline of 0.3 percent in January. Manufacturing production increased 1.2 percent in February, its largest gain since October. Mining output jumped 4.3 percent, mostly reflecting strong gains in oil and gas extraction.
PLATTS - NYMEX Apr natural gas little changed at $2.678/MMBtu
BAKER HUGHES A GE - U.S. Rig Count is up 6 rigs from last week to 990, with oil rigs up 4 to 800, gas rigs up 1 to 189, and miscellaneous rigs up 1 to 1. Canada Rig Count is down 54 rigs from last week to 219, with oil rigs down 52 to 144 and gas rigs down 2 to 75.