Global demand for oil expected to rise in 2017 – OPEC

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The Organisation of Petroleum Exporting Countries, OPEC, has said 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, including 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.

 

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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