The Organisation of Petroleum Exporting Countries (OPEC) has revealed that the demand for oil around the world is expected to rise.
OPEC said this in the April edition of its Monthly Oil Market Report. World oil demand growth in 2016 was kept broadly unchanged at 1.38 million barrels per day (mb/d), averaging 95.05 mb/d.
“For 2017, oil demand growth is anticipated to be around 1.27 mb/d, following an upward revision of 10 trillion barrels daily to average 96.32 mb/d,’’ the report stated.
It also said the Asia group, includeing India, was anticipated to lead oil demand growth this year followed by China and the Organisation for Economic Co-operation and Development (OECD) Americas.
“OECD Asia Pacific is the only region anticipated to see a decline in oil demand in 2017 demand for OPEC crude in 2016 now stands at 31.7 mb/d, which is 1.9 mb/d higher than the 2015 level.
In 2017, demand for OPEC crude is projected at 32.2 mb/d, around 0.6 mb/d higher than the 2016 level.