Baku, Azerbaijan, August 10
By Leman Zeynalova – Trend:
For 2018, global oil demand growth is projected to increase by 1.28 million barrels per day (b/d), slightly higher than last month’s projections, with total world consumption averaging 97.77 million b/d, OPEC said in its August Oil Market Report.
The Organization for Economic Co-operation and Development (OECD) will contribute positively to oil demand in 2018, adding some 0.21 million b/d, and non-OECD economies will make up the lion’s share with 1.07 million b/d, according to the report.
World oil demand growth in 2017 is now expected at 1.37 million b/d, following an upward revision of 0.1 million b/d mainly to reflect better-than-expected data from OECD regions for 2Q17.
“Based on the latest available data, oil demand growth in the OECD region in 2017 has been revised higher by 77,000 b/d. The better-than-expected data for the 2Q in all OECD regions, but primarily OECD America, is the major reason for this upward revision,” said the report.
This is while in its previous report the cartel expected the world oil demand growth at 1.27 million b/d.
Total oil demand anticipated to average 96.49 million b/d in 2017, according to OPEC.
“Demand for OPEC crude in 2017 is estimated to stand at 32.4 million b/d, some 0.4 million b/d higher than the 2016 level. In 2018, demand for OPEC crude is forecast at 32.4 million b/d, at the same level as in 2017,” said the cartel.
---
Follow the author on Twitter: @Lyaman_Zeyn