A Review of the Nigerian Energy Industry

OPEC expects global oil consumption to hit 89mbd this year

23 January 2012, Sweetcrude, VIENNA – Global oil consumption will hit 89 million barrels a day this year, the Organisation of Petroleum Exporting Countries (OPEC) has said in its latest Oil Market report.

According to the 12-member organisation, which supplies about 40 per cent of world’s oil, oil use would jump by 1.2 per cent, to 88.9 million barrels per day (mbd) this year, a 1.1 million barrels increase over last year’s figures.

During the year, OPEC expects crude oil production from its 12 members, including Nigeria, to reach 31 million barrels a day, an upward revision of 100,000 barrels a day from December’s market report.

“World oil demand in 2012 is forecast to grow by 1.1 mb/d in 2012, following growth of 0.9 mb/d last year, unchanged from the previous report,” the group said, adding that Organisation of Economic Cooperation and Development (OECD) region would consume less oil than last year while non-OECD oil demand would likely grow by more than 1.0 mbd.

It added: “The pace of oil demand growth in some non-OECD countries is expected to be lower than in the previous year. Higher prices for retail petroleum products could also negatively affect oil demand across the globe.”

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