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Higher oil demand in 2016 will not materially influence market — Russian ministry

January 18, 21:41 UTC+3
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 earlier on Monday in the Monthly Report
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© TASS/Alexander Ryumin

MOSCOW, January 18. /TASS/. OPEC’s upward adjustment of oil demand in 2016 is at the level of expectations and this factor will not fundamentally change the oil price, representative of the Economic Development Ministry told TASS on Monday.

"Oil demand rose 1.5% last year and 1.3% more this year, at the level of our expectations. This will not change the picture dramatically," the ministry said.

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 earlier 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 said.

Non-OPEC oil supply in 2016 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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