Tuesday 19 October 2021

World oil demand to rise by 1.42m bpd in 2017: Opec

VIENNA, September 13, 2017

World oil demand growth in 2017 is expected to rise by 1.42 million barrels per day (mb/d) after an upward revision of around 50,000 barrels per day (tb/d), according to Opec Monthly Oil Market Report (MOMR).

''The adjustment mainly reflects better-than-expected data from OECD region for the 2Q17, particularly OECD Americans and Europe, as well as China. In 2018, world oil demand is anticipated to grow by 1.35 mb/d, an increase of 70 tb/d from the previous report. This reflects higher growth expectations for OECD Europe and China,'' Emirates news agency Wam said, quoting  the Opec report for September.

''Non-Opec oil supply is expected to grow by 0.78 mb/d in 2017, unchanged from the last month due to offsetting revisions in Kazakhstan and US supply. In 2018, non-Opec oil supply is forecast to grow by 1.0 mb/d, following a downward revision to Russia and Kazakhstan, totalling 0.1 mb/d. Opec NGLs and non-conventional liquids production are seen averaging 6.49 mb/d in 2018, representing an increase of 0.18 mb/d, broadly in line with growth in the current year. In August, Opec crude oil production decreased by 79 tb/d, according to secondary sources, to average 32.76 mb/d,'' the report stated.

Based on the current global oil supply/demand balance, it said, Opec crude in 2017 is estimated at 32.7 mb/d, around 0.5 mb/d higher than in 2016. Similarly, Opec crude in 2018 is estimated at 32.8 mb/d, about 0.2 mb/d higher than in 2017.

Tags: Opec | Oil demand |

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