OPEC Monthly Oil Market Report 16 January 2014 16 January 2014 Feature article: MonetaryMonetary stimulusstimulus andand itsits impactimpact onon thethe globalglobal economy Oil market highlights 1 Feature article 3 Crude oil price movements 5 Oil market highlights 1 Commodity markets 12 Feature article 3 World economy 18 Crude oil price movements 5 World oil demand 40 Commodity markets 11 World oil supply 49 World economy 17 Product market and refi nery operations 62 World oil demand 39 Tanker market 70 World oil supply 48 Oil trade 74 Product market and refi nery operations 61 Stock movements 81 Tanker market 69 Balance supply and demand 89 Oil trade 73 Stock movements 80 Balance supply and demand 88 Organization of the Petroleum Exporting Countries Helferstorferstrasse 17, A-1010 Vienna, Austria E-mail:
[email protected] Website: www.opec.org Oil Market Highlights Oil market highlights Crude Oil Price Movements The OPEC Reference Basket rebounded by $2.70 in December to settle at $107.67/b. In annual terms, the Basket price averaged around $106/b in 2013, a decline of around $3.50 compared to the previous year. In 2013, WTI futures gained nearly $4 to average about $98/b and North Sea Brent futures fell $3 to average around $109/b. Overall, price volatility in crude markets remained low in 2013. World Economy World economic growth for 2013 and 2014 remains at 2.9% and 3.5% respectively. The OECD economies are recovering and are expected to grow in 2014 at 1.9%, compared to 1.2% in 2013, unchanged from previous month’s forecast.