OPEC revises up 2018 world oil demand forecasts
Baku, Azerbaijan, Jan.18
By Leman Zeynalova - Trend:
Oil demand growth is anticipated to be around 1.53 million barrels per day in 2018, according to OPEC’s January Oil Market Report.
Global oil demand is now expected to reach 98.51 million barrels per day and non-OECD (Organization for Economic Co-operation and Development) economies will contribute 1.24 million barrels per day of the demand growth expected in 2018, said the report.
This is while in its previous report, OPEC expected world oil demand growth at 1.51 million barrels per day in 2018.
The world oil demand growth estimate for 2017 was revised higher by 43,000 barrels per day to average 1.57 million barrels per day.
“Consequently, 2017 world oil demand stands at 96.99 million barrels per day. The upward revision was broadly a result of better-than-expected data for OECD Europe and China,” said the cartel.
Based on latest available data, oil demand growth in the OECD regions was adjusted higher by 13,000 barrels per day in 2017 since the last report.
“The upward revision mainly reflected the positive momentum witnessed in OECD Europe – by 100,000 barrels per day in the third quarter of 2017 – as better-than-expected performance of oil demand growth data persisted in various countries in the region, driven by solid economic momentum and in line with healthy demand in the transportation and petrochemical sectors,” said OPEC.
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