EnergyWatch

OPEC raises oil-demand forecast on outlook for cheaper crude

The Organization of Petroleum Exporting Countries raised its forecast for global oil demand next year and through the end of the decade in the expectation of higher consumption in spite of a slowdown in economic growth.

Photo: Kamran Jebreili / AP Polfoto

OPEC raised its forecast for global oil demand next year and through the end of the decade, anticipating that cheaper crude will spur consumption even as economic growth slows.

Demand will reach 95.3 million barrels a day in 2017, according to the producer group's annual World Oil Outlook report released Tuesday. That's an increase of 300,000 barrels a day from last year's forecast. The Organization of Petroleum Exporting Countries also raised its outlook for oil use in 2018, 2019, and 2020, when it sees demand reaching 98.3 million barrels a day, or 900,000 more than the group projected in its previous annual outlook.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Danish government to ban routine flaring by next summer

By next summer, flaring of excess gas will no longer be permitted in the Danish part of the North Sea unless strictly necessary for the safety of employees. The government’s ban on routine flaring comes in the wake of EnergyWatch’s coverage of the issue.

IEA: Nuclear power set for potential comeback

As the world looks for ways to address the ongoing energy crisis, nuclear power has the potential to play a significant role, notes the International Energy Agency in a just-released report.

Further reading

Related articles

Latest News

See all jobs