OPEC anticipate increase in world oil demand in 2107

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OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina

|By Okafor Joseph|March 15 2017| 8:30 AM

The Organization of Petroleum Exporting Countries (OPEC) awaits the world oil demand to increase by 1.26 million barrels per day to average 96.31 million barrels per day in 2017, the cartel stated in its monthly oil market report published March 14.

It is higher by approximately 70,000 barrels per day from the previous month’s projections.

The upward adjustments were due to more optimistic expectations for oil demand in OECD Europe, as well as Asia Pacific.

According to OPEC, most of the oil demand growth is anticipated to originate from Asian countries, led by India, followed by China, then OECD America. The OECD Asia Pacific is the only region anticipated to reduce its oil requirements in 2017 compared to 2016.

The demand for OPEC crude this year is projected to increase by 0.7 million barrels per day to average 32.4 million barrels per day. Demand for OPEC crude in 2017 was revised up by 0.2 million barrels per day from the previous month.

In 2016 world oil demand grew by 1.38 million barrels per day to average 95.05 million barrels per day, according to OPEC.

 

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