OPEC slightly increases forecast for world oil demand

Business Materials 10 August 2016 18:51 (UTC +04:00)

Baku, Azerbaijan, Aug. 10

By Elena Kosolapova – Trend:

OPEC expects world oil demand to grow by 1.22 million to 94.26 million barrels per day (bpd) in 2016, the cartel said in its Monthly Oil Market Report published Aug. 10.

The forecast was upwardly revised by 30,000 bpd due to better-than-expected performances from European members of the Organization for Economic Cooperation and Development and Asian countries in 1Q16 and 2Q16.

In 2017, world oil demand is projected to grow at the same level projected last month, increasing by 1.15 million bpd from the 2016 levels, and with total oil consumption hitting a new record of 95.41 million bpd, OPEC said.