OPEC says world oil demand to rise

20 April 2017, Sweetcrude, Lagos – The Organisation of the Petroleum Exporting Countries, OPEC, says global oil demand will rise this year.

OPEC, which projects demand for its crude at 32.2 million barrels per day, mb/d, said in the April edition of its Monthly Oil Market Report: “For 2017, oil demand growth is anticipated to be around 1.27 mb/d, following an upward revision of 10 trillion barrels daily to average 96.32 mb/d.’’

This against the situation in 2016 when global oil demand growth was kept broadly unchanged at 1.38 million barrels per day (mb/d), averaging 95.05 mb/d.

According to the report, Asia group, including India, will lead oil demand growth this year followed by China and the Organisation for Economic Co-operation and Development, OECD, and Americas.

“OECD Asia Pacific is the only region anticipated to see a decline in oil demand in 2017.

“In 2017, demand for OPEC crude is projected at 32.2 mb/d, around 0.6 mb/d higher than the 2016 level,” the report added..

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