OPEC expects global oil demand to pick up until yearend
Baku, Azerbaijan, June 13
By Elena Kosolapova – Trend:
OPEC expects global oil demand to pick up in 2H2017, the cartel said in its monthly oil market report published June 13.
“The second part of the year will exhibit a 2 million barrels per day increase in total consumption in the line with the seasonal average to reach 97.4 million barrels per day, compared to 95.4 million barrels per day in 1H2017,” the report said.
According to OPEC, the Organization for Economic Co-operation and Development (OECD) is forecast to see a potential increase of around 0.2 million barrels per day y-o-y. OECD Americas, particularly the US, is the largest contributor to this growth as demand for transportation fuels receives an extra boost during the summer driving season. Demand in OECD Europe is seen rising marginally, while consumption in the OECD Pacific is expected to contract, with healthy demand from South Korea somewhat moderating the decline.
In the non-OECD region, oil demand is projected to rise by an average of 1 million barrels per day y-o-y in 2H2017. Oil demand growth is projected to be supported by India as consumption rebounds mainly from the negative impact of demonetization in the first half of the year. China is also foreseen contributing to oil demand growth, supported by developments in the petrochemical industry and transportation sector.
In 2017, world oil demand is anticipated to rise by 1.27 million barrels per day from 2016 levels, again unchanged from last month’s report. Total OECD demand is expected to grow again by 0.23 million barrels per day but at lower pace growth compared to 2016. Non-OECD oil demand will continue to grow by 1.04 million barrels per day. Total oil consumption in 2017 is anticipated to be around 96.38 million barrels per day.
World oil demand in 2016 was at 95.12 million barrels per day, which is 1.44 million barrels per day more than in 2015.
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