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OPEC raises world’s oil demand growth outlook by 10,000 bpd in 2017

January 18, 15:24 UTC+3

Oil demand will grow by 1.16 mln bpd this year against 2016 in line with the revised outlook, OPEC says

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MOSCOW, January 18. /TASS/. The Organization of Petroleum Exporting Countries (OPEC) raised the world’s oil demand growth outlook by 10,000 barrels per day (bpd) in 2017, OPEC said in January report.

Oil demand will grow by 1.16 mln bpd this year against 2016 in line with the revised outlook. World’s oil demand volume forecast for this year is increased by 40,000 bpd to 95.6 mln barrels, OPEC said.

"Non-OPEC oil supply in 2016 is now expected to show a contraction of" 0.71 mln bpd, following an upward revision of 70,000 bpd mainly driven by "higher-than-expected growth in Norway, Russia and the US," the OPEC said. In 2017, non-OPEC oil supply is projected to grow by 0.12 mln bpd, representing a "downward adjustment" of 0.18 mln barrels daily, the OPEC reported.

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