18 September 2017, Sweetcrude, Lagos —The Organisation of the Petroleum Exporting Countries, OPEC, has said world oil demand growth in 2017 is expected to rise by 1.42 million barrels per day while supply grows by 0.78mb/d.
In the group’s newly released report for September, OPEC said the world’s oil demand will increase with an upward revision of around 50 thousand barrels per day.
The demand adjustment mainly reflects better-than-expected data from the Organisation for Economic Co-operation and Development, OECD region for the second quarter of 2017, particularly OECD Americans and Europe, as well as China.
Likewise in 2018, OPEC said the world oil demand is anticipated to grow by 1.35 mb/d, an increase of 70,000 b/d from the previous report.
This reflects higher growth expectations for OECD Europe and China.
On the part of supply, the group said the world oil supply from non-OPEC oil is expected to grow by 0.78 mb/d in 2017, unchanged from the last month due to offsetting revisions in Kazakhstan and US supply. In 2018, non-OPEC oil supply is forecast to grow by 1.0 mb/d, following a downward revision to Russia and Kazakhstan, totalling 0.1 mb/d.
OPEC NGLs and non-conventional liquids production are seen averaging 6.49 mb/d in 2018, representing an increase of 0.18 mb/d, broadly in line with growth in the current year. In August, OPEC crude oil production decreased by 79,000 b/d, according to secondary sources, to average 32.76 mb/d.