OPEC revises up forecasts for 2016 world oil demand
World oil demand growth in 2016 has been revised up slightly to
around 1.24 million barrels per day, to average 94.41 mb/d, OPEC
said in its December Oil Market Report.
The forecast was revised upward following better-than-expected data
from European members of the Organization for Economic Co-operation
and Development (OECD).
“OECD will contribute some 0.15 mb/d to oil demand growth in 2017,
while non-OECD will contribute the bulk of growth with 1.00 mb/d,”
said the report.
In its previous report, the cartel predicted the world oil demand
at 94.40 million barrels per day in 2016.
In 2017, world oil demand growth is forecast at 1.15 mb/d to
average 95.56 mb/d, according to the report.
Moreover, Non-OPEC oil supply growth in 2017 was revised up by
70,000 barrels per day to now stand at 0.30 mb/d, following a
contraction of 0.78 mb/d in 2016, according to OPEC.
The cartel expects non-OPEC supply to average 56.50 mb/d in
2017.
According to secondary sources, OPEC crude oil production in November increased by 151,000 million barrels per day (mb/d) per day compared to the previous month to average 33.87 million barrels per day, the cartel said in its December Oil Market Report.
Crude oil output increased the most in Angola, Nigeria and Libya, while production in Kuwait and Saudi Arabia showed the largest decline, said OPEC.
The oil production in Nigeria rose by 62,700 barrels per day to 1.692 million barrels per day, Libya - 47,500 b/d to 575,000 b/d. This is while Angola increased its oil output by 124,800 b/d to 1.692 mb/d.
Preliminary data indicates that global oil supply increased by 0.53 mb/d as compared to October to average 96.84 mb/d in November.
Earlier, the International Energy Agency (IEA) said in its report that OPEC’s crude output in November was 34.2 mb/d, a record high, and 300 kb/d higher than in October.
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