LONDON, Oct. 10 (Reuters) - The'' Organization of Petroleum Exporting Countries (OPEC) has lowered its forecast for growth in demand for black gold in 2013, due to a slowdown in the global economy, but provides always an abundant supply of next year.
In its monthly report released Wednesday, the organization has reduced its forecast for growth in global demand of 30,000 barrels per day (bpd) in 2013 to 780,000 bpd.
However the offer has not followed the downward trend. "This should not change next year, the market still characterized by large volumes of crude oil and an increase in available capacity", we learn in the report.
Production of OPEC members has decreased by about 265,000 bpd it in September to 31.08 million bpd. The largest declines were recorded in Angola and Nigeria.
