Global demand for petrol in 2013
For the third consecutive year, price of oil will remain at over 100 dollars per barrel. It could become possible that this rate will reach 120 dollars in the event that China “returns” to the global markets.
According to a report by IEA, the worldwide demand for petrol in 2013 will be higher than in 2012 by one percent and will reach 90,5 million barrels per day. China is responsible for 30% of this increase. On 12th of December 2012 OPEC decided to maintain production on the current level. U.S. Energy Department has calculated that the revenue of OPEC member states reached 1 trillion dollar in 2012.
Citigroup forecasts new sources of oil supply from outside of OPEC in 2013. Circa 60% out of the extra output (900 000 barrels per day) from outside OPEC countries comes from North America, where thanks to hydraulic fracturing technology oil excavation is possible in the states of North Dakota, Oklahoma and Texas. According to Goldman Sachs Group Inc. the price spread between the oil sourced from OPEC and outside will be USD 14.