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.
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.