In a monthly report raising the possibility of surplus supplies putting further pressure on prices, the producers' cartel forecast demand would drop to 28.92m barrels per day, down 280,000 bpd from its previous expectation and more than 1m barrels a day less than it currently produces.
Investment by U.S. producers is forecast to increase by 15% to $184 billion before the end of 2018, according to one annual survey.
Exports from Indonesia, the biggest producer, are forecast to be the lowest for a decade.
Floods in Pakistan, the world's fourth-largest producer, are forecast to cut the country's cotton output by 6.9%.
Barring big new finds, the world's seventh-largest oil producer is forecast to become a net importer by 2017.The Mexican treasury is ill-prepared for this.
Coffee production in Brazil is expected to decline by 15percenttoto reach 1.9 million tonnes in 2005/06, mainly because the Arabica trees need to recover after providing an abundant crop in 2004/05, while output in Viet Nam, the second largest producer, is forecast to decrease by 25percentt from 750 000 tonnes in 2004/05, as a result of drought.
Add to that the fact that this week a report by Rabobank suggested that the UK wine-buying market will continue to grow in 2014 and, according to English Wine Producers, sales are forecast to grow to £100m by 2015.
"In the next few years, global increases in supply from existing producers and new projects are forecast to outpace increases in consumption," according to the U.S. Geological Survey.
The U.S. Department of Energy has backed a number of cellulosic ethanol producers, and in 2007 it forecast that by this year they would be making more than 6 billion liters of cellulosic ethanol.
BNP chief Asia economist Richard Iley argued this week that despite producers' optimistic forecasts the outlook for Chinese demand is skewed heavily to the downside.
