13 March 2014, Lagos – The Organisation of Petroleum Exporting Countries (OPEC) has said the different grades of crude from its members rose by an average of 70 cents in February, to settle slightly above $105 per barrel.
It said cold weather, supply disruptions and geopolitical factors helped to push oil markets higher.
The group in its monthly oil market report (MOMR) for March, said that Nymex WTI futures gained $5.82 to average $100.68 per barrel while ICE Brent rose by $1.72 to $108.84 per barrel and the Brent-WTI gained $8.15 per barrel.
The report also predicted the world economic growth for 2013 and 2014 to remain at 2.9 per cent and 3.5 per cent respectively. It said the 2014 forecast for the Organisation for Economic Cooperation and Development (OECD) is unchanged at 2.0 per cent, compared to 1.3 per cent in 2013.
But in contrast, China’s growth for 2014 has been revised down slightly to 7.6 per cent, just below estimated 2013 growth of 7.7 per cent while India’s forecast remains at 5.6 per cent for 2014 and 4.7 per cent for 2013, it said, adding that the ongoing trend of accelerating economic growth in the OECD amid a slowdown in emerging economies has been confirmed by the latest data.
It said that world oil demand growth for 2013 was revised up by 70,000 barrels per day to stand at 1.05 million barrels per day adding that upward revisions were seen in OECD Americas and Europe, reflecting stronger-than expected seasonal demand for last quarter of last year. Africa was also higher due to baseline effects. For 2014, global oil demand is seen rising by 1.14 million barrels per day, following an upward revision of 50,000 barrels per day.
– The Nation