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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.

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