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13/10/2017 - 16:56hs
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World oil consumption to increase in 2018

The OPEC expects demand to hike by 1.4 million barrels per day. It has revised its forecast due to an improved outlook for the global economy.



Vienna – Demand for petroleum around the world could increase by 1.4 million barrels per day (bpd) in 2018, the Organization of Petroleum Exporting Countries (OPEC) said in the October edition of its monthly report. The forecast changed up by 30,000 bpd from the last estimate, Emirates News Agency (WAM) reported this Friday (13).

According to WAM, this upward revision was prompted by improved projections for the world economy in this year and the next that were released this week by the International Monetary Fund (IMF), particularly regarding China and Russia.

OPEC changed up its 2017 estimate as well: “World oil demand growth in 2017 is now expected to increase by 1.5 million bpd, representing an upward revision of around 30,000 bpd from last previous report, mainly reflecting recent data showing an improvement in economic activities. Positive revisions were primarily a result of higher-than-expected oil demand from the OECD region and China,” the report says, referencing the Organization for Economic Cooperation and Development (OECD), the Paris-based multilateral institution comprising some of the world’s biggest economies.

Supply also increased. “World oil supply in September was revised up by 0.41 million bpd month-on-month from the previous report to average 96.50 million bpd, representing an increase of 1.08 million bpd year-on-year,” OPEC said in its report.

*Translated by Gabriel Pomerancblum

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