OPEC revises world oil demand forecasts up
Baku, Azerbaijan, Sept.12
By Leman Zeynalova – Trend:
In 2017, world oil demand growth was revised higher by around 50,000 barrels per day (b/d), OPEC said in its September Oil Market Report.
The upward revision is a result of better–than-expected performance from OECD (Organization for Economic Co-operation and Development ) America and Europe in 2Q17, according to the report.
“Hence, world oil demand growth is now pegged at 1.42 million b/d, with total global consumption at 96.77 million b/d,” said the cartel.
World oil demand growth for 2018 was also revised up by around 70,000 b/d from the previous month’s report; it is now anticipated to be 1.35 million b/d, with total global consumption of around 98.12 million b/d.
This reflects higher growth expectations for OECD Europe and China, according to the report.
Based on the latest available data, OECD oil demand growth was revised upward for the second consecutive month by 60,000 b/d to average 0.37 million b/d.
Oil demand has been quite robust in 2Q17, particularly in the Americas and Europe, said the cartel.
Follow the author on Twitter: @Lyaman_Zeyn