OPEC Expects Global Oil Demand to Grow in 2015

Global oil demand will grow in 2015, with consumption levels reaching about 92.5 million barrels per day (mb/d), as opposed to 91.32 mb/d in 2014, according to the Organization of Petroleum Exporting Countries' Monthly Oil Market Report, released Tuesday.

MOSCOW (Sputnik) — The organization noted that the trend of growing oil demand that Europe showed in the second half of 2014 is continuing into 2015.

"In 2015, world oil demand is anticipated to grow slightly more than the previous month's projection, as a result of a positive revision to OECD Europe. World oil demand is now expected to grow by 1.18 mb/d to reach around 92.50 mb/d in 2015," OPEC said.

According to OPEC, demand for oil is currently on the increase in the United States, South Korea, China, India and a number of Latin American countries.

"The main reasons behind these positive developments are the improving economy in large parts of the continent, colder weather during the first quarter of 2015 and an extremely low baseline for the last three years," OPEC said.

Regarding the supply of crude oil, the organization forecasts growth in both OPEC and non-OPEC states. However, non-OPEC members are expected to significantly slow their growth pace.

"Non-OPEC oil supply growth in 2015 is expected to grow by 0.68 mb/d, compared to an increase of 2.17 mb/d in the previous year. OPEC NGLs are expected to grow by 0.19 mb/d in 2015, following growth of 0.18 mb/d last year," the report said.

According to the report, in 2015, non-OPEC oil supply is expected to average 57.16 mb/d.

The report noted that March storms in Saudi Arabia resulted in the first slight decline in oil production in the country since October 2013.