OPEC crude price falls

VIENNA, Oct 13 (KUNA) -- Price of OPEC's basket of crudes dropped 63 cents in September, in contrast to the previous month, standing at USD 44.83 per barrel, according the regular monthly report by the Organization of Petroleum Exporting Countries.
Despite some negative market factors, crude prices gradually grew with the Brent standing at USD 48.54 pb, a 33 cents rise compared to the past month. West Texas crude rose to USD 48.47, climbing by USD 2.85.
Turning to global economic growth, the report indicated that it would remain unchanged in the region by 3.1 percent, in 2015, 3.4 percent, 2016.
Key emerging economies are increasingly facing challenges and while the growth forecast for China and India remains unchanged, both Brazilآ’s and Russiaآ’s growth have been revised down by 0.2 percentage points for 2015 and 2016.
As to world oil demand, it is foreseen to rise by 1.50 mb/d, following an upward revision of around 40 tb/d, mostly due to better-than-expected data in 3Q15. Total oil demand is now forecast at 92.86 mb/d. In 2016, world oil demand is anticipated to rise by 1.25 mb/d, following a downward revision of 40 tb/d, mainly to reflect the high base-line effect. As a result, world oil demand is forecast to reach 94.11 mb/d. On the world oil supply, non-OPEC oil supply growth in 2015 now stands at 0.72 mb/d, following a downward revision of 0.16 mb/d from the previous report, attributed mainly to a downward adjustment in the US. For 2016, non-OPEC oil supply is expected to show a clear contraction of 0.13 mb/d, following a downward revision of 0.29 mb/d compared to the previous assessment. (end) amq.rk a