* Leaves global demand growth steady for second month
* OPEC's April oil output rises, still below nominal target
* Says current output helping result in balanced market for
* IEA report due on Thursday
(Adds context, details on non-OPEC output, demand from para 4)
By Alex Lawler
LONDON, May 13 OPEC said its current output is
helping to meet global demand fully and leading to a balanced
oil market in 2014, a further sign the exporter group is
unlikely to alter output policy at a June meeting.
In a monthly report on Tuesday, the Organization of the
Petroleum Exporting Countries also raised the forecast demand
for its crude oil in 2014 to 29.76 million barrels per day
(bpd), up 110,000 bpd from the previous estimate.
"Along with the ongoing increase in non-OPEC supply, current
OPEC production will contribute to fully meet expected demand,
resulting in a fairly balanced market this year," the report
from OPEC's Vienna headquarters said.
The report adds to indications OPEC's June 11 meeting is
unlikely to come up with major surprises. On Monday, Saudi
Arabian Oil Minister Ali al-Naimi said the group should leave
its output target unchanged, citing a "fairly stable" market.
Oil has stayed above Saudi's preferred level of $100 a
barrel all year.
OPEC's crude oil output rose in April from March, the report
showed, but remained lower than this year's global requirement
and OPEC's nominal supply target of 30 million bpd, largely as a
result of outages in Libya rather than voluntary cutbacks.
According to secondary sources cited by the report, OPEC
output rose by 131,000 bpd to 29.59 million bpd, largely due to
higher Iraqi and Saudi Arabian supply.
This is the last monthly report scheduled for publication
before OPEC meets in Vienna to consider adjusting the output
target, which has been in place since January 2012.
Saudi Arabia's Naimi, OPEC's most influential voice, said on
Monday the group should leave the target unchanged, saying
demand was "great" and supply "highly sufficient."
OPEC raised the forecast demand for its crude because it cut
the projection for its members' supply of natural gas liquids.
It made no change to 2014's forecast growth in global demand for
a second straight month, and little change to non-OPEC supply.
Countries outside OPEC will raise their output by 1.38
million bpd this year, again led by the United States' growing
shale oil supply, the report said.
OPEC still expects global oil demand this year to rise by
1.14 million bpd, a similar prediction to the U.S. government's
Energy Information Administration, which last week trimmed its
forecast to 1.18 million bpd.
The International Energy Agency's report, the last of this
month's three oil outlooks from government forecasters, is due
out on Thursday.
(Editing by William Hardy)