Baku, Azerbaijan, April 14
By Leman Zeynalova – Trend:
World oil demand growth in 2018 was revised higher by 30,000 barrels per day (b/d), compared to last month’s report, to now stand at 1.63 million b/d, OPEC said in its April Oil Market Report.
World oil demand growth for 2017 was adjusted higher by around 30,000 b/d to 1.65 mb/d, mainly to account for up-to-date data in both OECD (Organization for Economic Co-operation and Development) and non-OECD regions, said the cartel.
Total world oil demand is now pegged at 97.07 mb/d for the year, according to OPEC report.
“Similarly, world oil demand growth in 2018 was revised higher by 30,000 b/d, compared to last month’s report, to now stand at 1.63 mb/d. This mainly reflects the positive momentum in the OECD in the 1Q18 on the back of better-than-expected data, and supported by development in industrial activities, colder-than-anticipated weather and strong mining activities in the OECD Americas and the OECD Asia Pacific,” said the report.
In the non-OECD region, Other Asia saw an upward revision of 30,000 b/d in the 1Q18 as a result of better-than-expected demand in the industrial and transportation sectors in the first two months of the year, said the report.
“In contrast, oil demand growth was adjusted lower by 30,000 b/d in the 1Q18 in the Middle East region. This mainly reflects slower-than-expected regional oil demand developments. Total world oil demand for the year is forecast to average 98.70 mb/d,” said OPEC.
OPEC and several other non-OPEC producers have reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November 2016.
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