MOSCOW, March 14. /TASS/. The Organization of Petroleum Exporting Countries (OPEC) increased the global oil demand growth outlook by 500,000 barrels per day in 2017. Such information is contained in the OPEC March Report.

Oil demand this year has been revised to 96.31 mln barrels per day in 2017 versus 95.81 mln barrels daily under the February estimate. "The upward adjustments were due to more optimistic expectations for oil demand in OECD Europe, as well as Asia Pacific," the OPEC said.

Oil demand growth this year is expected to be 1.26 mln barrels per day higher than in 2016, the Organization reported.

Forecast for 2017 

Oil demand in 2017 is expected to grow by 1.26 mln barrels per day versus 2016 figure, the OPEC said. This figure is 70,000 barrels per day higher than presented in the last month’s growth estimate:

"The upward adjustments were due to more optimistic expectations for oil demand in OECD Europe, as well as Asia Pacific." 

The world oil demand growth estimate for 2016 was revised marginally higher by around 50,000 barrels per day to growth of 1.38 mln barrels daily to average 95.05 mln barrels per day.

"Revisions were driven primarily by higher-than-anticipated 4Q16 oil demand in OECD Europe, and Asia Pacific, as well as China, partially offset by minor downward adjustments in the Middle East," according to the OPEC.