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World demand for OPEC’s oil may take years to recover from the slump in 2009 because of economic weakness and demand destruction, the group said on Wednesday, justifying its slower spending on new supplies.
In its 2009 World Oil Outlook, the Organization of the Petroleum Exporting Countries said consumption of its crude would not return to 31 million barrels per day (bpd), the level it averaged in 2008 before the economic crisis cut oil use, until 2013.
“Oil demand levels will drop in the short- to medium-term — leading to a rise in overall spare capacity,” OPEC Secretary General Abdullah al-Badri said in the Foreword to the 277-page report.
“This year there are a number of downside risks stemming particularly from the global economy, unreliable market signals and major policy developments,” he said of future demand.
The exporter group joins other forecasters, such as the International Energy Agency, in predicting lower long-term demand.
OPEC also said it needed to spend less on developing new supplies, a prospect that may dismay oil consumers.
Oil reached a record high near $150 a barrel in July 2008, when OPEC issued its previous report. It collapsed to $32.40 by December and is now trading at around $62, boosted in part to OPEC supply cuts agreed last year.
Source: CNBC.com