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2016-10-14 18:50:00

WORLD OIL DEMAND WILL UP BY 1.15 MBD

WORLD OIL DEMAND WILL UP BY 1.15 MBD

According to OPEC WORLD OIL OUTLOOK, 

Oil market highlights

Crude Oil Price Movements

The OPEC Reference Basket slipped slightly in September to $42.89/b, down 21¢. ICE Brent ended up 8¢ at $47.24/b and NYMEX WTI increased 43¢ to $45.23/b. Crude oil prices were supported by efforts to address excess global supplies and consecutive draws in US crude stockpiles. The Brent-WTI spread narrowed to $2.01/b.

World Economy

World economic growth remains unchanged at 2.9% for 2016 and 3.1% for 2017. The OECD growth forecast remains at 1.6% and 1.7% for 2016 and 2017, respectively. Forecasts for China and India are also unchanged at 6.5% and 7.5% for 2016 and 6.1% and 7.2% for 2017. Brazil and Russia are forecast to grow by 0.4% and 0.7% in 2017, following contractions of 3.4% and 0.6% this year.

World Oil Demand

World oil demand in 2016 is seen increasing by 1.24 mb/d to average 94.40 mb/d. Positive revisions were primarily a result of higher-than-expected demand in the Other Asia region, while downward revisions were a result of lower-than-expected performance from OECD America. In 2017, world oil demand is anticipated to rise by 1.15 mb/d, to average 95.56 mb/d.

World Oil Supply

Non-OPEC oil supply in 2016 is now expected to contract by 0.68 mb/d, to average 56.30 mb/d. In 2017, non-OPEC supply was revised up slightly by 40 tb/d to show growth of 0.24 mb/d to average 56.54 mb/d, mainly due to new projects coming on stream in Russia. OPEC NGLs are expected to average 6.43 mb/d in 2017, an increase of 0.15 mb/d over the current year. OPEC crude production, according to secondary sources, increased by 0.22 mb/d in September to average 33.39 mb/d.

Stock Movements

OECD total commercial stocks fell in August to stand at 3,094 mb, some 322 mb above the latest five-year average. Crude and product inventories showed surpluses of 191 mb and 131 mb, respectively. In days of forward cover, OECD commercial stocks in August stood at 66.7 days, some 6.7 days higher than the seasonal average.

Balance of Supply and Demand

Demand for OPEC crude in 2016 is estimated to stand at 31.8 mb/d, an increase of 1.8 mb/d over last year. In 2017, demand for OPEC crude is forecast at 32.6 mb/d, a rise of 0.8 mb/d over the current year.

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Earlier: 

RUSSIA & SAUDI COOPERATION 

CHINA OIL IMPORTS UP 

OIL PRICES: REDUCING THE ODDS 

BRAZIL SEEKS INVESTMENT 

IRAN WANTS 4 MBD 

РОССИЯ СРЕДИ ЛИДЕРОВ 

СОХРАНЕНИЕ ОБЪЕМОВ ДОБЫЧИ 

OIL DEMAND WILL RISE 

СТАБИЛИЗАЦИЯ МИРОВОГО РЫНКА 

MARKET ISN'T FAVORITABLE

 

 

 

Tags: OIL, DEMAND, SUPPLY, OPEC,

Chronicle:

WORLD OIL DEMAND WILL UP BY 1.15 MBD
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

WORLD OIL DEMAND WILL UP BY 1.15 MBD
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

WORLD OIL DEMAND WILL UP BY 1.15 MBD
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

WORLD OIL DEMAND WILL UP BY 1.15 MBD
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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