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OPEC retains forecast for world oil demand in 2016 at 94.18 mln barrels per day

May 13, 20:12 UTC+3 VIENNA
OPEC retained its previous forecast for world oil demand in 2016 at 94.18 mln barrels per day — to OPEC May oil market report
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© Maxim Slutskiy/TASS

VIENNA, May 13. /TASS/. OPEC retained its previous forecast for world oil demand in 2016 at 94.18 mln barrels per day, according to OPEC May oil market report published on Friday.

At the same time, forecast for growth of demand for oil in 2016 against 2015 also remained at 1.2 mln barrels per day.

According to OPEC, oil demand in 2015 amounted to 92.98 mln barrels per day, which is 1.54 mln barrels per day higher than a year earlier.

In addition, OPEC increased its estimates of oil production in 2015 by non-member countries of the organization by 10,000 barrels per day to 57.14 mln barrels per day, which is 1.47 mln barrels per day higher than last year’s figure.

Meanwhile, forecast for oil production by non-member countries in 2016 was reduced by 10,000 barrels per day. The experts predict decline of oil production by 740,000 barrels per day to 56.4 mln barrels per day.

At the same time, the forecast for growth of oil production by countries outside the organization, in 2016 the OPEC experts have worsened in the 10 th. Barrels per day and expect to reduce oil production by 740 thousand. Barrels per day to 56.4 million barrels per day.

Oil Demand of OPEC countries in 2016 will also remain unchanged compared to the previous forecast at the level of 31.5 mln barrels per day, with an increase of 1.8 mln barrels per day against last year.

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