13:46 GMT +319 September 2019
Listen Live
    A security officer overlooks a street from a rooftop of the OPEC headquarters in Vienna. (File)

    OPEC Improves 2017 Total Oil Demand Forecast to 96.38Mln Barrels Per Day

    © AFP 2019 / JOE KLAMAR
    Business
    Get short URL
    0 53
    Subscribe

    Demand for OPEC crude is expected to rise slightly but lower than previously expected due to the upward revision in non-OPEC producers supply.

    MOSCOW (Sputnik) —  The Organization of the Petroleum Exporting Countries (OPEC) improved its global oil demand forecast for 2017 up to 96.38 million barrels per day, the OPEC said in its monthly oil market report Thursday.

    "Oil demand growth is projected to rise by around 1.27 mb/d, with total oil consumption reaching 96.38 mb/d," the report read.

    The demand for OPEC crude is expected to rise slightly but lower than previously expected due to the upward revision in non-OPEC producers supply.

    "In 2017, the demand for OPEC crude is projected at 31.9 mb/d, around 0.2 mb/d higher than last year," the report read.

    The non-OPEC oil supply is expected to rise by 0.95 million barrels per day to an average 58.25 million barrels per day "due to higher expectations for US growth… along with higher growth in Canada, Norway, Brazil, Russia, Kazakhstan and China," the report said.

    Global oil supply decreased by 0.4 million barrels per day in April to average 95.81 million barrels per day due to lower production in Russia, China, and the Organisation for Economic Co-operation and Development (OECD) countries.

    Related:

    Iran Ready to Support Extension of OPEC, Non-OPEC Oil Output Cut Deal
    OPEC, Non-OPEC Ministers Urges for 100% Implementation of Oil Cut Deal Terms
    Saudi Arabia, Venezuela in Talks to Extend Vienna Deal - OPEC
    Oil Output Deal Participants Meet 98% of March Goal - OPEC Chief
    Tags:
    Oil, Organization for Economic Cooperation and Development (OECD), OPEC
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik