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World oil prices

OPEC raises global oil demand forecast for 2015

In 2016, world oil demand will grow by 1.34 mb/d in comparison with 2015 to around 93.94 mb/d

© Viktor Drachev/TASS

VIENNA, July 13. /TASS/. The Organization of the Petroleum Exporting Countries (OPEC) has raised its forecast for global oil demand in 2015 by 100,000 barrels per day in comparison with its June outlook, according to the organization’s July report.

"World oil demand growth in 2015 was revised 0.1 mb/d higher from the previous month’s report to stand at 1.28 mb/d, leading to total consumption of 92.61 mb/d,"- according to the report.

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In 2016, world oil demand will grow by 1.34 mb/d in comparison with 2015 to around 93.94 mb/d.

The organization also raised its forecast for the 2015 oil output by the countries, which are not OPEC members, by 180.000 barrels per day in comparison with its June estimate. The experts expect the growth of by 0.86 mb/d to 57.39 mb/d in 2015.

In 2016, OPEC forecasts the oil production by the countries, which are not its members by 300,000 barrels per day to 57.69 mb/d.

The experts attribute oil production growth in 2015 to an accelerated production in the countries of OECD (Organization for Economic Cooperation and Development), South America and on the post-Soviet area.

OPEC also lowered its forecast for the demand for oil produced by the member states by 100,000 barrels a day. OPEC expects that in 2015, the demand for its oil to grow by 200,000 barrels per day in comparison with 2014 to 29.2 mln barrels per day.

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