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OPEC - oil demand: OPEC revises world oil demand forecasts up

World oil demand growth in 2017 was adjusted higher from the previous month by 74,000 barrels per day (b/d), mainly to reflect better-than-expected data from China in the third quarter of 2017, OPEC said in its November Oil Market Report.

“As such, world oil demand growth for 2017 now stands at 1.53 million b/d to average 96.94 million b/d,” said the cartel.

For 2018, OPEC expects global oil demand growth at around 1.51 million b/d, revised up by 0.13 million b/d from the previous month’s expectations reflecting the improved expectations from the European members of the Organization of Economic Co-Operation and Development (OECD Europe), OECD Asia Pacific, China, India and some African countries.

Total oil demand is projected to average 98.45 million b/d in 2018, said the cartel.

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