OPEC expects growth in world oil demand

Jun 13, 2016 12:00 AM

World oil demand growth for 2016 remains unchanged from the previous report at 1.2 million barrels per day to average 94.18 million barrels per day, according to OPEC Monthly Oil Market Report - June 2016.

The organization expects that other non-OPEC Asian countries, led by India, is anticipated to be the main contributor to oil demand growth in 2016.

Similar to 2015, transportation fuels, supported by healthy vehicle sales and the low oil price environment, are projected to provide the bulk of expected growth, said the report.

The Organization for Economic Cooperation and Development (OECD) is anticipated to add around 0.2 million barrels per day, with OECD Americas leading growth at 0.3 million barrels per day, while OECD Europe is seen flat and OECD Pacific contracting by almost 0.1 million barrels per day.

OPEC said that in the non-OECD, oil demand is anticipated to grow by 1 million barrels per day year-on-year in the second half of 2016, while demand is projected to be supported by Other Asia with growth of around 0.4 million barrels per day year-over-year.

Much of this growth is seen coming from India, where projections for macroeconomic indicators are currently solid, according to OPEC.

The report said that in China, support will come from transportation and petrochemical sectors, while industrial fuel consumption is expected to contract.

Total world oil demand growth stood at 1.54 million barrels per day and total oil consumption at 92.98 million barrels per day, according to OPEC.

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