OPEC revises 2003 world oil demand
The Organization for Petroleum Exporting Countries said in a monthly report that it marginally revised up world oil
demand for 2003 to 77.45 mm bpd. But it had considerably revised upwards its demand estimates for the first quarter
of 2003 by 502,000 bpd to 78.57 mm bpd.
The report showed crude oil production by OPEC members in May stood at 26.64 mm bpd, 2.14 mm bpd above its
then-production target of 24.5 mm bpd.
OPEC set a new target of 25.4 mm bpd effective June 1. That remained unchanged after the group met in Qatar to assess
the impact of resumed Iraqi production and the world oil market.
Non-OPEC supply for 2003 is expected to reach 48.93 mm bpd, OPEC estimated. This showed a hefty 1 mm bpd increase
from last year.
