11 Aug 2015
Total world consumption to hit record levels in 2016 – OPEC monthly report
FXStreet (Mumbai) - In its fresh monthly report published on Tuesday, OPEC points to an increase in world oil demand both in 2015 and 2016, and non-OPEC oil supply growth has also been revised upwards.
The cartel now projects that global oil demand is now expected to grow by 1.38 mb/d in 2015, following an upward revision of 0.10 mb/d since the last report.
Key Findings from the OPEC report:
"In 2016, world oil demand growth is forecast to remain stable, reaching 1.34 mb/d with total world consumption hitting a record level of 94.04 mb/d,"
"In 2016, non-OPEC oil supply is expected to increase by 0.27 mb/d, a 40 tb/d downward adjustment from the previous report. OPEC NGLs are expected to grow by 0.19 mb/d in 2015 and 0.17 mb/d in 2016."
OPEC expects that world economic growth for both 2015 and 2016 will remain unchanged at 3.2% and 3.5%, respectively, with the OECD economies expected to grow by 2.0% in 2015 and 2.1% in 2016.
The cartel's China forecast remains at 6.9% for this year and at 6.5% for 2016, while it sees India unchanged with growth at 7.5% this year and 7.7% in 2016.
OPEC analysts believe that although "Brazil and to some extent Russia have shown some weakness recently," they will move out of recession in the coming year.
The cartel now projects that global oil demand is now expected to grow by 1.38 mb/d in 2015, following an upward revision of 0.10 mb/d since the last report.
Key Findings from the OPEC report:
"In 2016, world oil demand growth is forecast to remain stable, reaching 1.34 mb/d with total world consumption hitting a record level of 94.04 mb/d,"
"In 2016, non-OPEC oil supply is expected to increase by 0.27 mb/d, a 40 tb/d downward adjustment from the previous report. OPEC NGLs are expected to grow by 0.19 mb/d in 2015 and 0.17 mb/d in 2016."
OPEC expects that world economic growth for both 2015 and 2016 will remain unchanged at 3.2% and 3.5%, respectively, with the OECD economies expected to grow by 2.0% in 2015 and 2.1% in 2016.
The cartel's China forecast remains at 6.9% for this year and at 6.5% for 2016, while it sees India unchanged with growth at 7.5% this year and 7.7% in 2016.
OPEC analysts believe that although "Brazil and to some extent Russia have shown some weakness recently," they will move out of recession in the coming year.