Baku, Azerbaijan, May 11
By Elena Kosolapova – Trend:
OPEC expects world oil demand to increase by 1.27 million barrels per day, with total consumption reaching 96.38 million barrels per day in 2017, the cartel said in its monthly oil market report published May 11.
Total world oil demand growth for 2016 stood at 1.44 million barrels per day, and total oil consumption averaged 95.12 million barrels per day.
Oil demand growth in the OECD region was revised slightly lower by around 12,000 barrels per day in 2017, with all revisions taking place in 1Q17. The lower-than-expected data in OECD Americas due to slower gasoline demand necessitated a downward revision (+0.1 million barrels per day in 1Q17); this was partially counterbalanced by an upward revision (+50,000 barrels per day in 1Q17) in OECD Europe as weather conditions turned out to be better than initially expected.
Oil demand growth in non-OECD regions was revised slightly higher by around 12,000 barrels per day in 2017, mainly in China (25,000 barrels per day) partially offsetting the downward revision in Other Asia (-12,000 barrels per day), with all of the revisions falling in 1Q17. The better-than-expected demand for transportation fuels in China, along with the uptick in petrochemical feedstock usage, prompted the upward revision (0.10 million barrels per day in 1Q17). This was partially counterbalanced by the downward revisions in Asian countries (-50,000 barrels per day in 1Q17) due to the slower oil demand growth in India on the back of the demonetization policy.
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