Baku, Azerbaijan, July 12
By Elena Kosolapova – Trend:
Total world oil demand growth for 2016 now stands at 1.2 million barrels per day, leading to total consumption of 94.2 million barrels per day, says OPEC Monthly oil Market Report (MOMR) for July 2016.
World oil demand for 2016 has been kept broadly unchanged from the previous OPEC MOMR for June 2016.
In 2017, world oil demand is projected to grow at similar rate to 2016, increasing by 1.2 million barrels per day – to average around 95.33 million barrels per day, according to the report.
Non-OECD (Organization for Economic Cooperation and Development) countries are set to continue leading oil demand growth with 1.1 million barrels per day in total demand, while OECD countries are anticipated to see a demand increase of 0.1 million barrels per day, says the report.
The progress of economic development in major economies around the globe is the key risk factor affecting world oil demand projections for 2017, according to MOMR.
In 2015, global oil demand rose by 1.54 million barrels per day – to 92.98 million barrels per day, according to OPEC.
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