13 Jul 2015
Global oil demand to grow in 2015 & 2016 – OPEC
FXStreet (Mumbai) - The latest monthly OPEC report points to an increase in world oil demand in 2015 while non-OPEC oil supply growth has also been revised upwards.
The cartel projected on Monday that global oil demand is now expected to grow by 1.28 mb/d in 2015, following an upward revision of 0.10 mb/d since the last report. In 2016, world oil demand growth is forecast to pick up, reaching 1.34 mb/d.
In the OECD bloc of countries, demand is expected to register positive growth of 0.18 mb/d, while non-OECD consumption is projected to grow by 1.16 mb/d.
Meanwhile, the report has revealed that non-OPEC supply will stand at 0.86 mb/d, mainly driven by OECD Americas, Latin America and the FSU, a revision by 0.18 mb/d. In 2016, non-OPEC oil supply is projected to grow by 0.30 mb/d to average 57.69 mb/d.
The latest report also says that demand for OPEC crude is estimated at 29.2 mb/d in 2015, a decline of 0.1 mb from the previous assessment and representing a gain of 0.2 mb/d over the previous year.
In 2016, demand for OPEC crude is projected at 30.1 mb/d, up by 0.9 mb/d over the estimated level for the current year.
The OPEC Reference Basket averaged $60.21/b in June, representing a decline of $1.95, the report also noted.
The cartel projected on Monday that global oil demand is now expected to grow by 1.28 mb/d in 2015, following an upward revision of 0.10 mb/d since the last report. In 2016, world oil demand growth is forecast to pick up, reaching 1.34 mb/d.
In the OECD bloc of countries, demand is expected to register positive growth of 0.18 mb/d, while non-OECD consumption is projected to grow by 1.16 mb/d.
Meanwhile, the report has revealed that non-OPEC supply will stand at 0.86 mb/d, mainly driven by OECD Americas, Latin America and the FSU, a revision by 0.18 mb/d. In 2016, non-OPEC oil supply is projected to grow by 0.30 mb/d to average 57.69 mb/d.
The latest report also says that demand for OPEC crude is estimated at 29.2 mb/d in 2015, a decline of 0.1 mb from the previous assessment and representing a gain of 0.2 mb/d over the previous year.
In 2016, demand for OPEC crude is projected at 30.1 mb/d, up by 0.9 mb/d over the estimated level for the current year.
The OPEC Reference Basket averaged $60.21/b in June, representing a decline of $1.95, the report also noted.