The estimate of global oil demand for 2013 has been revised up by 130 kb/d, to 91.2 mb/d, on stronger-than-expected 3Q13 OECD demand growth of 320 kb/d. Global demand is now seen advancing by 1.2 mb/d in both 2013 and 2014, to reach 92.4 mb/d in 2014.
Global oil supplies increased by 310 kb/d in November to 92.3 mb/d, as non-OPEC crude output topped 43 mb/d for the first time in decades. Year on year, November supplies rose by 810 kb/d, as a 1.9 mb/d surge in non-OPEC liquids and OPEC NGL more than offset a 1.1 mb/d drop in OPEC crude.
North Dakota Oil update
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