02 December 2017, Sweetcrude, Lagos – The Organisation of the Petroleum Exporting Countries, OPEC, has said global oil demand growth now stands above 1.5 million barrels per day, mb/d, for both 2017 and 2018.
The group made the submission at the end of its 173rd meeting with Non-OPEC oil producers in Vienna, Austria under its president and Saudi Arabia’s Minister of Energy, Industrial and Mineral Resources, Khalid A. Al-Falih.
According to OPEC, the forecast was as a result of oil market outlook for the remainder of 2017 and 2018.
OPEC observed that global economic growth forecast had improved since May, with expectations for both 2017 and 2018 now at 3.7 percent.
In addition, it said global oil demand had been robust with upward revisions since May, with oil demand growth now above 1.5 million barrels per day for both years.
The International Energy Agency, IEA, had in November, revised down by 0.1mb/d demand for both 2017 and 2018.
According to the agency, the downward review was due to higher prices and relatively mild early winter temperature.
The IEA said it now sees 1.5mb/d in 2017 or 1.6 percent, to 97.7 thousand b/d, and 1.3mb/d in 2018 or 1.3 percent, to 98.9 tb/d.