LONDON May 10 OPEC will need to pump more oil
than previously thought to balance the market in 2013 and
expects global consumption to be much higher in the rest of the
year, the group said in a report ahead of its meeting to set
policy on May 31.
The Organization of the Petroleum Exporting Countries in a
monthly report forecast 2013 demand for its crude will average
29.84 million barrels per day (bpd), up 90,000 bpd from the
The 12-member group's own production rose by 280,000 bpd in
April to 30.46 million bpd, according to secondary sources cited
by the report, led by higher output in Saudi Arabia and Iraq.
OPEC left its forecast for growth in world demand in 2013
unchanged at 800,000 bpd and warned of downside risks to the
(Reporting by Alex Lawler, editing by William Hardy)