OPEC raised its forecast for global oil demand growth in 2016-2017

Almaty. September 13. Silkroadnews – In its September report the Organization of Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth for 2016-2017, Trend reports.

The new forecast was raised by 10 thousand bpd, thus, compared to 2015 in 2016 demand for crude is expected to increase by 1.23 million bpd up to 94.27 million barrels. OPEC's forecast for oil demand in 2017 also increased by 10 thousand bpd to a level of 95.42 million bpd, which is 1.15 million barrels more than a year earlier.

With this OPEC has lowered its 2016 forecast for growth in oil demand in the countries of the organization to 200 thousand bpd compared to August estimates; and forecasts the growth in demand for its oil to make 1.7 million bpd versus 2015 up to 31.7 million barrels.

Forecast of oil production by non-OPEC countries in 2016 raised by 190 thousand bpd compared to August estimates. The cartel experts also expect this volume to reduce in 2016 by 0.61 million bpd to 56.32 million barrels as compared to August forecast of 56.13 million barrels.

2017 forecast of oil production by non-OPEC countries also increased in September by 540 thousand bpd. Now for 2017 OPEC expects this volume to increase by 200 thousand bpd compared to 2016 up to 56.52 million barrels.