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OPEC makes upward adjustment of world oil demand in 2015 and demand outlook in 2016

January 18, 2016, 15:08 UTC+3 VIENNA

In 2016, oil demand growth is expected to be around 1.26 mln barrels daily, the report says

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© AP Photo/Nabil al-Jurani, File

VIENNA, January 18. /TASS/. World oil demand is estimated to have increased by 1.54 mln barrels daily in 2015 to average 92.92 mln barrels per day, OPEC said on Monday in the Monthly Report.

In 2016, oil demand growth is expected to be around 1.26 mln barrels daily, marginally higher than in the previous report, to average 94.17 million barrels a day, OPEC says.

Non-OPEC oil supply growth in 2015 now stands at 1.23 mln barrels daily, following an upward revision of 0.23 mln barrels a day. The increase has been due to better-than-expected growth in the US, Canada, Russia and Norway, OPEC said. In 2016, non-OPEC oil supply is now projected to contract by 0.66 mln barrels a day, following a downward adjustment of 0.27 mln barrels/day, the Organization reports.

Demand for OPEC crude in 2015 is estimated at 29.9 mln barrels per day, an increase of 0.2 mln barrels daily over the 2014 level. In 2016, demand for OPEC crude is forecast at 31.6 mln barrels per day, some 1.7 mln barrels / day higher than the previous year, OPEC said.

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