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OPEC: Oil consumption will rise to 92.3 million bpd

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Staff writer ▼ | January 17, 2015
Oil consumption
Predictions   Low oil prices to slow the pace of U.S. production

Oil consumption will rise in 2015 to 92.3 million barrels per day (bpd), mainly due to increased demand in Asia, while low prices will start to slow the pace of U.S. production, according to OPEC.

In its first report in 2015 on the state of the market, OPEC leaves its estimates of global demand for "black gold" almost unchanged, adding only 30,000 bpd for an upward revision forecast for the U.S. and several Asian countries. Accordingly, this year the world will consume 1.26 percent more crude than in 2014.

OPEC also left its estimates on the progress of the economy for this year unchanged, forecasting global growth of 3.6 percent, a slight improvement of the situation in the rich countries of Europe.

However, the region is expecting a further 0.71 percent drop in consumption to 13.31 million bpd.


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