The world oil market witnessed in 2013 increasing stability, reflecting signs of recovery of many major economies, in particular the American one, though this recovery is seen as quite modest, said an annual report issued on Tuesday by the Organization of Arab Oil Producing Countries (OAPEC).
This can be construed as an encouraging development as world demand for oil shot up to 89.9 million barrels a day in that year while supplies topped 90.1 million barrels, leading the price of OPEC crude to hover around USD 105.90, said the report.
The abundance of supply has been seen as a result of the considerable increase in the production by states outside the OPEC cartel, especially those in North America, whose daily oil production reached in 2013 about 1.2 million barrels. This actually occurred at the time when OPEC production slid slightly to 36 million barrels a day in that year, said the report.
In general terms, the report reviewed recent developments in the energy sector in Arab countries, noting any commendable efforts achieved in that regard.
Moreover, it went over the studies and researches accomplished by the Arab Center for Energy Studies and the financial standings of Arab organizations affiliated with OAPEC, in particular their achievements regarding projects undertaken in the world oil market.