OPEC forecasts 1.3% oil demand growth next yearStaff Writer | July 12, 2017
Global demand for crude oil is expected to rise by 1.3% next year, driven partly by the U.S. and China, the OPEC producers' group said on Wednesday in Vienna.
Oil exploration Demand would add 1.26 million barrels per day
OPEC's analysts said the increase would mainly be driven by global economic growth, as well as by transportation demand in the United States, China and India. Expansions in the petrochemical industries in the US and China would also increase the global need for oil.
Oil exporters outside the 14-country OPEC group will ramp up their production by nearly 2% to 58.96 million bpd next year, due to expected increases in North America, Brazil and Russia, according to the forecast.
This will leave less space in the market for OPEC oil, the group concluded.
The Middle Eastern, African and Latin American countries that make up OPEC pumped 32.6 million barrels per day in June, accounting for more than a third of global supplies.
A coalition of 24 OPEC and non-OPEC countries including Russia have been throttling their output since January to prop up prices. ■