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OPEC raises forecast for global oil demand in 2015, worsens outlook for 2016

September 14, 2015, 16:49 UTC+3 VIENNA
Now OPEC expects global oil demand in 2015 at 92.79 mln barrels per day, which is 1.46 mln barrels per day more than in 2014
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© Viktor Drachev/TASS

VIENNA, September 14. /TASS/. OPEC raised its forecast for growth in the global oil demand in 2015 by 84,000 barrels per day, but lowered the forecast for 2016 by 50,000 barrels per day, OPEC said in the September report published Monday.

Now OPEC expects global oil demand in 2015 at 92.79 mln barrels per day, which is 1.46 mln barrels per day more than in 2014. Organization's experts explain improving the forecast by the positive dynamics of the basic economic indicators of the American and European countries, members of OECD.

The global oil demand in 2016, according to OPEC, is going to be above the level of 2015 by 1.29 mln barrels per day and will be about 94.08 mln barrels per day. The experts explain lowering the forecast for the demand in 2016 by the expectations of worsening economic indicators in Latin America and China.

In addition, OPEC lowered its forecast for growth in oil production by countries non-members of the organization in 2015 by 72,000 barrels per day against the August forecast. OPEC experts now expect this indicator to increase by 0.88 mln barrels per day in 2015 to 57.43 mln barrels per day.

OPEC lowered the forecast for this indicator in 2016 by 110,000 barrels per day and now forecasts the growth in the oil production by the non-OPEC countries by 160 barrels per day to 57.59 mln barrels per day.

At the same time, OPEC raised its forecast for oil demand growth of the member-countries in 2015 to 100,000 barrels per day. Thus, OPEC expects demand for its oil to grow by 400,000 barrels per day against 2014 to 29.3 mln barrels a day.

The forecast for oil demand by OPEC countries in 2016 was increased by 200,000 barrels per day and now OPEC is expects demand for its oil in 2016 at the level of 30.3 mln barrels per day, which is 1 mln barrels per day more than in 2015.

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