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OPEC raises 2015 oil demand forecast

February 09, 2015, 15:11 UTC+3
OPEC countries' oil demand will rise by 1.17 million barrels to 92,32 million barrels a day in 2015, says the organization's report
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© EPA/WU HONG

VIENNA, February 9. /TASS/. The Organization of the Petroleum Exporting Countries (OPEC) expects world oil demand to rise in 2015 by 1.17 million barrels to 92,32 million barrels a day, it said in a monthly report on Monday. The move mainly reflects expectations of an uptick in oil requirements in OECD Americas, the cartel said. In January, OPEC crude production decreased by 53,000 barrels to average 30.15 million barrels a day.

Non-OPEC oil supply is projected to grow in 2015 by 0.85 million barrels a day, down 0.42 million barrels from the previous assessment. Non-OPEC oil supply growth in 2014 has been revised up slightly to 1.99 million barrels a day. The revision was mostly driven by higher output in OECD, Brazil, Kazakhstan and China in the fourth quarter of last year, partially offset by downward revisions from Azerbaijan, Other Asia Pacific, Australia and Mexico, the report explained.

Global oil demand growth in 2014 is expected to be around 0.96 million barrels a day, the report 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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