WORLD OIL DEMAND 2014 - 15
World Oil Demand
In 2014, world oil demand was relatively unchanged from the previous MOMR; total world oil demand growth for 2014 now stands at 1.13 mb/d after a marginal downward revision of 10 tb/d, accounting for the latest actual data for 2Q14.
In 2015, world oil demand is projected to grow at a higher rate than in 2014, growing by 1.21 mb/d from the 2014 level to average around 92.35 mb/d. The 2015 growth level of 1.21 mb/d signifies a 0.08 mb/d increase from the growth foreseen for this year. Non-OECD countries are likely to lead oil demand growth with 1.18 mb/d in total demand while OECD nations are predicted to marginally rise for the first time since 2010, recording growth of 35 tb/d. The progress of economic development in major economies around the globe is the key risk factor affecting the world oil demand projection in 2015.
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Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.
OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.
REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.
Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.