OPEC raised its forecast for world oil demand in 2017-2018

© AFP 2017 / Ryad KramdiЛоготип OPEC. Archival photoOPEC raised its forecast for world oil demand in 2017-2018© AFP 2017 / Ryad Kramdi

OPEC has improved the forecast on oil demand in the world in 2017, raising it to 74 thousand barrels per day compared to the October estimate, to 96.94 million barrels a day, according to the report of the organization for November.

Compared to 2016 the growth rate will be 1.53 million barrels per day. While the November report revised value of demand in 2016, compared with the October report, it increased by 0.07 million barrels per day.

«Assessment of oil demand in the world for 2017 was revised upward by about 74 thousand barrels per day (compared to the previous report – ed), primarily to reflect the results of China in the third quarter, which exceeded the expected values», — the report says. OPEC has improved the forecast on oil demand in the world in 2018, increasing its rating to approximately 0.26 million barrels a day, to 98.45 million barrels per day.

The demand for OPEC oil in 2017, is expected to be 33 million barrels per day, fell by 0.71 million barrels per day higher than in 2016. The forecast for this indicator increased by 0.2 million barrels per day compared to the October estimates. In 2018, demand for OPEC oil will continue to grow, reaching 33.4 million barrels per day (the forecast has been increased by 0.3 million barrels per day).

At the same time, OPEC lowered its forecast for the market supply of oil from countries outside OPEC by 2017, about 0.02 million barrels per day, to 57.67 million barrels per day. Compared to the 2016 figure will increase by 0.65 million barrels per day. The forecast figure for 2018 is also reduced — by about 0.1 million barrels per day, up to 58,54 million barrels per day.

According to preliminary data, total supply in the oil market in the world in October rose by 0.53 million barrels per day compared with September — 96,71 million barrels per day.

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