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UPDATE 1-OPEC lifts 2013 world oil demand growth forecast

Reuters Middle East -- * Boosts global demand growth forecast by 80,000 bpd

* Points to narrower H1 supply surplus of 1.12 million bpd

* EIA report due later on Tuesday, IEA on Wednesday

(Adds details, quote)

LONDON, Feb 12 (Reuters) - World oil demand will grow faster

than previously thought in 2013, producer group OPEC said on

Tuesday, citing signs of a recovery in the world economy.

Consumption of oil will expand by 840,000 barrels per day

(bpd) this year, the 12-member Organization of the Petroleum

Exporting Countries said in its monthly report, 80,000 bpd more

than previously expected.

The report adds to signs that oil demand is outstripping

expectations in early 2013, and supporting prices. Oil

hit a nine-month high above $119 a barrel on Friday, supported

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Submitted Feb 12, 2013 By: WxVette

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honda0105 Champion Author Tallahassee Posts:18,623 Points:1,609,520 Joined:Nov 2008	Message Posted: Feb 17, 2013 4:44:27 AM Ignore honda0105 Report Abuse lots of speculation of what's going to happen in the future.
honda0105 Champion Author Tallahassee Posts:18,623 Points:1,609,520 Joined:Nov 2008	Message Posted: Feb 16, 2013 2:44:21 AM Ignore honda0105 Report Abuse Fun: it's still around $100, but the pump prices have doubled.
FunMyster All-Star Author Indiana Posts:907 Points:73,215 Joined:Jul 2011	Message Posted: Feb 13, 2013 6:32:51 AM Ignore FunMyster Report Abuse Remember when $100/bbl was a benchmark? Now it's a wish list.
SkooterG Champion Author Phoenix Posts:1,359 Points:328,585 Joined:May 2012	Message Posted: Feb 12, 2013 11:14:32 PM Ignore SkooterG Report Abuse Not good.
mstearno Champion Author Dayton Posts:8,066 Points:1,731,235 Joined:Jan 2008	Message Posted: Feb 12, 2013 9:41:15 PM Ignore mstearno Report Abuse I guess we walk according to your logic?
Aviator_Rob Champion Author New York Posts:3,800 Points:413,640 Joined:Mar 2012	Message Posted: Feb 12, 2013 9:13:42 PM Ignore Aviator_Rob Report Abuse You can drill all the wells you want, @mstearno, but if the oil field is in decline, you won't get nearly as much production as when the field was first tapped. Saudi Arabia's oil fields are beyond mature by this point. The Saudi royal family always says they have decades of oil production capacity left but they never allow third party verification, preferring to keep that a national secret. Some oil production experts have quietly accused the Saudis of using desperate measures to keep production up such as pumping seawater into the depleted wells, in order to maintain pressure on the productive wells. Saudi Arabia is operating on borrowed time. The royal family may jet set around on private planes but their grandchildren will be back to riding camels by the time they get into power.
boatfloyd Champion Author Jacksonville Posts:1,718 Points:387,975 Joined:Mar 2012	Message Posted: Feb 12, 2013 9:12:58 PM Ignore boatfloyd Report Abuse Maybe they will pump up some more oil?
craigsf38 Champion Author Rochester Posts:5,713 Points:1,510,255 Joined:Jun 2008	Message Posted: Feb 12, 2013 9:11:03 PM Ignore craigsf38 Report Abuse OPEC needs to go
mfeldstein Champion Author Ottawa Posts:8,171 Points:1,930,480 Joined:Feb 2007	Message Posted: Feb 12, 2013 9:10:57 PM Ignore mfeldstein Report Abuse Who's going to remember they were wrong?
melvindale Champion Author Michigan Posts:1,438 Points:351,230 Joined:Jun 2011	Message Posted: Feb 12, 2013 9:10:52 PM Ignore melvindale Report Abuse Pure guesswork.
rahcat Champion Author Grand Rapids Posts:2,468 Points:662,950 Joined:Jan 2010	Message Posted: Feb 12, 2013 9:09:12 PM Ignore rahcat Report Abuse Screw OPEC
N5EXY Champion Author Austin Posts:5,492 Points:1,510,380 Joined:Jul 2004	Message Posted: Feb 12, 2013 9:08:14 PM Ignore N5EXY Report Abuse Forecasts and foreplay. Hard work and horseplay.
naspa Champion Author Cleveland Posts:1,271 Points:352,150 Joined:Jan 2012	Message Posted: Feb 12, 2013 9:06:00 PM Ignore naspa Report Abuse OPEC never set the price. It was the US.
DrZNY Champion Author Albany Posts:2,559 Points:823,285 Joined:Jan 2009	Message Posted: Feb 12, 2013 9:04:59 PM Ignore DrZNY Report Abuse Speculators must be in bed with OPEC!
joel27nc Champion Author Raleigh Posts:10,537 Points:1,858,370 Joined:Mar 2008	Message Posted: Feb 12, 2013 9:04:56 PM Ignore joel27nc Report Abuse I wonder if the world economy will be good enough to support higher prices.
ManOfLeisureII Champion Author Philadelphia Posts:1,874 Points:454,900 Joined:Jan 2012	Message Posted: Feb 12, 2013 9:04:30 PM Ignore ManOfLeisureII Report Abuse More useless information.
PrinceLH Champion Author Ontario Posts:2,692 Points:538,045 Joined:Jun 2011	Message Posted: Feb 12, 2013 9:04:16 PM Ignore PrinceLH Report Abuse Rife for manipulation.
mstearno Champion Author Dayton Posts:8,066 Points:1,731,235 Joined:Jan 2008	Message Posted: Feb 12, 2013 9:03:06 PM Ignore mstearno Report Abuse Aviator Rob you are right excess supply and excess capacity are two different things and reserves are yet another show me where they couldn't increase capacity by increasing drilling! They may be at capacity with a current well but drill 4 more and GEE They increase capacity!
arb0526 Champion Author Greensboro Posts:1,976 Points:410,620 Joined:Mar 2011	Message Posted: Feb 12, 2013 9:02:47 PM Ignore arb0526 Report Abuse ok
bonzoonfmb Champion Author Florida Posts:1,782 Points:644,585 Joined:Feb 2010	Message Posted: Feb 12, 2013 9:02:31 PM Ignore bonzoonfmb Report Abuse Ok.
clermont40miles Champion Author Cincinnati Posts:10,569 Points:1,772,670 Joined:Apr 2008	Message Posted: Feb 12, 2013 9:00:23 PM Ignore clermont40miles Report Abuse Forecasts are just educated guesses. Try your own guess.
WIWalt Champion Author Wisconsin Posts:1,731 Points:415,770 Joined:Mar 2012	Message Posted: Feb 12, 2013 9:00:13 PM Ignore WIWalt Report Abuse ok
Ahking Champion Author Orange County Posts:3,507 Points:603,450 Joined:May 2011	Message Posted: Feb 12, 2013 8:58:26 PM Ignore Ahking Report Abuse hope that translates into more jobs.
Gas4Gore Champion Author Detroit Posts:2,421 Points:423,875 Joined:Jan 2010	Message Posted: Feb 12, 2013 8:56:12 PM Ignore Gas4Gore Report Abuse Okay
GigHarborHound Champion Author Tacoma Posts:2,537 Points:488,490 Joined:Sep 2011	Message Posted: Feb 12, 2013 8:54:29 PM Ignore GigHarborHound Report Abuse And I care what they why?
Aviator_Rob Champion Author New York Posts:3,800 Points:413,640 Joined:Mar 2012	Message Posted: Feb 12, 2013 8:54:12 PM Ignore Aviator_Rob Report Abuse Excess supply and excess capacity are too very different things, @mstearno. Show me your data that says OPEC has excess capacity. It's been a well known fact that Saudi Arabia has been fudging their oil reserve numbers for years and they're the only ones that have ever turned down their oil production. All the other neighboring Gulf nations cheat left and right, selling their excess production on the down low to countries like China that are willing to look the other way.
gass12 Champion Author Omaha Posts:8,394 Points:2,304,690 Joined:Oct 2005	Message Posted: Feb 12, 2013 8:53:32 PM Ignore gass12 Report Abuse They wish.
Rhino8of8 Champion Author Wisconsin Posts:1,245 Points:374,390 Joined:Jan 2012	Message Posted: Feb 12, 2013 8:53:17 PM Ignore Rhino8of8 Report Abuse wishful thinking to push speculation up
wayoung56 Champion Author Alabama Posts:2,800 Points:818,335 Joined:Oct 2006	Message Posted: Feb 12, 2013 8:52:27 PM Ignore wayoung56 Report Abuse Hmmm...
vibdata Champion Author Massachusetts Posts:4,085 Points:848,325 Joined:Nov 2005	Message Posted: Feb 12, 2013 8:51:54 PM Ignore vibdata Report Abuse MMMM HMMMMM. And I bet the peanut growers are predicting peanut demand to soar. And the egg people. They're predicting massive growth...and LOTS of CRACKS so that will skyrocket those prices. Wow. When will it ever end?
Liberty2000 Champion Author Indianapolis Posts:1,739 Points:280,520 Joined:Jun 2007	Message Posted: Feb 12, 2013 8:51:27 PM Ignore Liberty2000 Report Abuse All based on expectations. Wait and see!
mstearno Champion Author Dayton Posts:8,066 Points:1,731,235 Joined:Jan 2008	Message Posted: Feb 12, 2013 8:47:16 PM Ignore mstearno Report Abuse wow aviator rob you think opec is at capacity? ever take an economics course? you'll see increased production if we (Obama) creates another recession why? because the need it to be short, if it's long we purchase less DUDE really?
Chris46 Champion Author Dayton Posts:23,667 Points:2,081,340 Joined:Sep 2005	Message Posted: Feb 12, 2013 8:46:16 PM Ignore Chris46 Report Abuse Just one organizations opinion.
boatmen Champion Author New York Posts:3,085 Points:622,805 Joined:Jan 2011	Message Posted: Feb 12, 2013 8:45:23 PM Ignore boatmen Report Abuse More Greedy biches
abcdMA Champion Author Worcester Posts:7,922 Points:1,574,980 Joined:Nov 2008	Message Posted: Feb 12, 2013 8:44:30 PM Ignore abcdMA Report Abuse doubtful---our demand will go down as our economy moves into further recession
mstearno Champion Author Dayton Posts:8,066 Points:1,731,235 Joined:Jan 2008	Message Posted: Feb 12, 2013 8:44:03 PM Ignore mstearno Report Abuse it won't be from us demand we're about to be labeled a recession again
Aviator_Rob Champion Author New York Posts:3,800 Points:413,640 Joined:Mar 2012	Message Posted: Feb 12, 2013 8:42:55 PM Ignore Aviator_Rob Report Abuse I think we have a new winner of the paranoid delusion award tonight. Congratulations, @NightRider. Disconnect your Internet and your cable box and go seek mental help.
tdioiler All-Star Author Detroit Posts:892 Points:419,940 Joined:Jul 2011	Message Posted: Feb 12, 2013 8:42:18 PM Ignore tdioiler Report Abuse So $119 on one Friday, pump prices up over .20/gal. Next week prices tank to $97, pump prices still up.....
wshutton Champion Author Los Angeles Posts:1,672 Points:925,170 Joined:Mar 2009	Message Posted: Feb 12, 2013 8:41:28 PM Ignore wshutton Report Abuse While I'm not thrilled about current prices, this reads like OPEC is well studied on the generalities of the oil market. [Edited by: wshutton at 2/12/2013 11:42:44 PM EST]
drz614 Champion Author Harrisburg Posts:2,302 Points:598,555 Joined:Aug 2011	Message Posted: Feb 12, 2013 8:39:36 PM Ignore drz614 Report Abuse hope u.s. sticks by saudi's. besides isreal, our last outpost in ME
Aviator_Rob Champion Author New York Posts:3,800 Points:413,640 Joined:Mar 2012	Message Posted: Feb 12, 2013 8:39:27 PM Ignore Aviator_Rob Report Abuse Nice idea, @AC-302. But here's the problem. Where are you going to plant trees? Everybody in the world who owns land has been cutting down their trees in order to plant crops or to graze their farm animals for meat. This has been happening in the Amazon rainforest for decades along with other jungles like in Indonesia. The result is that global rainforest acreage has been cut by over 25%. How much will you pay them to plant trees? They certainly won't do it for free.
gasmack Champion Author Ventura Posts:1,711 Points:668,395 Joined:Feb 2011	Message Posted: Feb 12, 2013 8:38:46 PM Ignore gasmack Report Abuse We'll see.
jellybelly72 Veteran Author San Bernardino Posts:452 Points:300,925 Joined:Jul 2011	Message Posted: Feb 12, 2013 8:38:01 PM Ignore jellybelly72 Report Abuse They are just trying to rise prices!
Aviator_Rob Champion Author New York Posts:3,800 Points:413,640 Joined:Mar 2012	Message Posted: Feb 12, 2013 8:35:02 PM Ignore Aviator_Rob Report Abuse Sorry @DrGasPain, OPEC isn't sweating the U.S. as a customer anymore. China is their new sugar daddy.
BREW9 All-Star Author Tampa Posts:881 Points:2,912,830 Joined:Jun 2004	Message Posted: Feb 12, 2013 8:34:35 PM Ignore BREW9 Report Abuse ok
us4usa Champion Author Missouri Posts:5,987 Points:1,113,060 Joined:May 2008	Message Posted: Feb 12, 2013 8:33:43 PM Ignore us4usa Report Abuse OPEC needs to sell oil, they must sell oil... Time to switch to NG and tell OPEC to kiss our A$$...
Aviator_Rob Champion Author New York Posts:3,800 Points:413,640 Joined:Mar 2012	Message Posted: Feb 12, 2013 8:33:31 PM Ignore Aviator_Rob Report Abuse Another useless report. OPEC, and especially Saudi Arabia, is trying to mask the fact that their ability to increase production is very close to being maxed out. All of the OPEC producers, except for Saudi Arabia are already running flat out at full capacity. Whenever OPEC has tried to cut production in the past, almost all of the member countries have secretly pumped over their production quotas. OPEC is officially toothless.
HailstormCA Champion Author San Diego Posts:7,855 Points:1,472,020 Joined:Nov 2008	Message Posted: Feb 12, 2013 8:30:10 PM Ignore HailstormCA Report Abuse could be wishful thinking. Think?
jackster111 Champion Author North Carolina Posts:3,327 Points:425,560 Joined:Feb 2012	Message Posted: Feb 12, 2013 8:28:25 PM Ignore jackster111 Report Abuse okay
Billrusty All-Star Author Washington Posts:842 Points:157,985 Joined:Nov 2012	Message Posted: Feb 12, 2013 8:28:00 PM Ignore Billrusty Report Abuse lets wait and see.