MOSCOW (Sputnik) – The Organization of the Petroleum Exporting Countries (OSCE) improved its forecast for oil demand growth in 2015 to 1.53 million barrels per day (mb/d), the organization said in the report issued on Thursday.
"World oil demand is anticipated to increase by 1.53 mb/d this year, averaging around 92.88 mb/d. These projections are 30 tb/d [thousand barrels per day] higher than last month’s estimate, mainly as a result of better-than-expected consumption in OECD Europe and Other Asia," the report reads.
OPEC maintained its earlier forecast for 2016, stating that the global oil demand growth was likely to increase by around 1.25 mb/d, averaging 94.13 mb/d.
Oversupply of oil products and low demand have more than halved the oil price from summer 2014 levels, when the price of Brent crude stood at about $115 per barrel. Current oil prices are hovering around $40-50 per barrel.
