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Global demand for OPEC oil to hit 12-year low in 2015 — report

December 10, 2014, 15:37 UTC+3
Demand for oil produced by the OPEC member states will fall by 300,000 barrels per day to 28.92 million barrels per day in 2015, the OPEC said in a report
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© TASS/Viktor Drachev

VIENNA, December 10. /TASS/. Global demand for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) will reach its 12-year low in 2015, the world oil cartel said in its December report on Wednesday.

According to the report, the demand for oil produced by the OPEC member states will fall by 300,000 barrels per day to 28.92 million barrels per day in 2015 against 29.4 million barrels per day in 2014.

World oil demand in 2014 is estimated to grow by 930,000 barrels per day to 91.13 million barrels per day, which represents a decline by 120,000 barrels per day from the previous report, OPEC said.

World oil demand in 2015 is expected to increase by 1.12 million barrels per day to 92.26 million barrels per day, which is some 70,000 barrels per day lower than in OPEC’s November report.

The OPEC member states reduced output by 390,000 barrels per day in November from the previous month to 30.053 million barrels, the report said.

Specifically, Saudi Arabia produced 9.59 million barrels per day in November against 9.65 million barrels per day in October, Libya 638,000 barrels per day against 887,000 barrels per day in October and Iraq 3.359 million barrels per day compared with 3.308 million barrels in the previous month.

Low oil prices to persist

A long-term lowering of the oil prices is rather probable, First Deputy Chairperson of the Bank of Russia Kseniya Yudayeva said on December 1.

She said the Central Bank in view of the latest decisions of the Organization of the Petroleum Exporting Countries (OPEC) “has offered a scenario where the oil price may go down to $60 per a barrel for the entire period.”

“Long-term declining of oil prices under $60 will require structural changes in the Russian economy, including replacing imported goods and diversification of import,” she said.

Infographics Oil prices over 30 years Oil prices over 30 years
Year-average inflation-adjusted oil price. Infographics by TASS

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