OPEC has kept the Outlook for oil demand in the world to 2019

© RIA Novosti / V. to Nemirovskoye in photobacteria floating drilling rig. Archival photoOPEC has kept the Outlook for oil demand in the world to 2019© RIA Novosti / V. to Nemirovskiy the image Bank

OPEC has kept the Outlook for oil demand in the world in 2017 at the level 96,94 million barrels a day in 2018 — at the level of 98.45 million barrels, said in a December report.

Compared to the 2016 growth in oil demand this year will amount to 1.53 million barrels per day, and in 2018 — 1,51 million barrels. Thus, the forecast for these indicators also remained unchanged.

«The forecast for growth in oil demand in 2017 has not changed compared to the previous — 1.53 million barrels a day. The leader on this indicator is China, where demand for oil will increase by 0.46 million barrels per day. It is followed by other Asian countries, mainly India, where demand will increase by 0.28 million barrels per day,» the report says. While OPEC notes that in 2018 the major growth in oil demand will occur in developing countries.

At the same time, OPEC raised its forecast for the market supply of oil from countries outside the organization. So, the forecast for this indicator at year 2017 is increased by 0.15 million barrels per day compared to the November estimate, up to 57.82 million barrels in 2018, 0.27 million barrels per day, up to 58,81 million barrels. Thus, in 2017 the supply from countries outside OPEC will increase by 0.81 million barrels per day, which is 0.15 million barrels above the previous forecast, in 2018 — 0.99 million barrels per day (increase forecast by 0.12 million barrels).

OPEC explains the change of Outlook on the proposal in 2017, mainly by increasing the growth of oil production in Russia. However, the report notes that the main driver of growth this year will be the United States, by which the proposal will increase by 0.61 million barrels. In 2018 the growth rate will have again in the USA and Canada, Brazil, Kazakhstan, the UK, Ghana, Congo and Australia.

According to preliminary data, total supply in the oil market in the world in November rose a monthly basis by 0.84 million barrels per day and year — by 0.35 million barrels to 97,44 million barrels per day. Supply from countries outside OPEC increased by 0.98 million barrels per day in October, up 64,99 million barrels per day.