OPEC forecasts increase in demand for its oil

Oil&Gas Materials 13 May 2015 16:36 (UTC +04:00)

Baku, Azerbaijan, May 13

By Aygun Badalova - Trend:

Demand for OPEC crude is projected to be at 29.3 million barrels per day in 2015, representing an increase of 0.3 million barrels per day from the estimated 2014 level, according to the monthly oil market report of OPEC.

The first quarter of 2015 was expected to decline by 0.8 million barrels per day compared to the same period of 2014, according to OPEC.

This is while the third and the fourth quarters are projected to increase by 0.5 million barrels per day and 1.5 million barrels per day, respectively compared to the same period of 2014.

The share of OPEC crude oil in total global production increased slightly to 32.8 percent in April compared to March at 32.6 percent, according to the organization's estimates.

The total OPEC crude oil production averaged 30.84 million barrels per day in April, an increase of 18,000 barrels per day over March.

Crude oil output increased mostly from Iraq and Iran, according to OPEC report.

Currently, the production quota set by OPEC is 30 million barrels per day.

The next OPEC meeting that will focus on the issue of changing the quotas
will be held June 4.

Edited by SI


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