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OPEC revises its forecast of 2016 world oil demand growth downwards by 50,000 barrels/day

April 13, 14:22 UTC+3 VIENNA
Non-OPEC supply growth in 2015 has been revised up slightly to stand at 1.46 mb/d to average 57.13 mb/d, according to the report
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© Viktor Drachev/TASS

VIENNA, April 13. /TASS/. OPEC has revised its forecast of world oil demand growth in 2016 slightly downwards by 50,000 barrels/day and now expects the demand to grow by 1,2 mln barrels a day in comparison with 2015, according to the organization’s April report.

"For 2016, global oil demand growth is anticipated to be around 1.20 mb/d, representing a minor downward revision of 50 tb/d from previous expectations, mainly reflecting the slower economic momentum in Latin America," OPEC said.

In 2015, oil demand totaled 92.98 mb/d, which is by 1.54 mb/d more than a year earlier.

Non-OPEC supply growth in 2015 has been revised up slightly to stand at 1.46 mb/d to average 57.13 mb/d, according to the report.

At the same time, the organization worsened its forecast for oil production by non-OPEC countries by 30,000 barrels a day. OPEC experts the decline in oil production by 730,000 barrels a day to 56.39 mb/d.

According to the report, Demand for OPEC crude in 2015 is estimated at 29.7 mb/d, unchanged from the previous month and 0.1 mb/d lower than the year before.

In 2016, demand for OPEC crude is projected at 31.5 mb/d, broadly unchanged from the previous report and 1.8 mb/d higher than last year.

 

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