OPEC expects that oil demand in 2017 will rise to 95.3 million b / d.

 Breaking News
  • Microsoft, Amazon and eBay are at record highs On Tuesday, securities of Microsoft Corp, Amazon.com Inc and eBay Inc broke records. The rush of investors’ demand for the shares of those companies involved in electronic commerce caused such...
  • Quarantine in Hong Kong is not for everyone Hong Kong is rescuing its stock exchange. In order to give life to the trading platform, the administration of the metropolis has shown flexibility concerning quarantine measures. So, Christopher Hui...
  • Economy of Japan demonstrates recession In the first quarter of this year, the economy of the Land of the Rising Sun dropped by 0.6% in monthly terms. The figures are not optimistic but are better...
  • Energy market news On Saturday, representatives of the countries included in the OPEC+ cartel managed to agree on the extension of the restrictions on oil production. It also became known that those countries...
  • Bentley fires employees in order to prevent losses in 2020 The Bentley brand has long been synonymous with luxury living. Unfortunately, the British automaker has to save because of a forced two-month break. The company’s CEO Adrian Hallmark said to...
OPEC expects that oil demand in 2017 will rise to 95.3 million b / d.
July 12
12:30 2016

The Organization of Petroleum Exporting Countries (OPEC) forecasted the growth of the global demand for raw materials in the future 2017 by 1.12 million barrels per day (b / d) compared with this year – to 95.3 million b / d, according to the cartel review revealed every month.

At the same time, the OPEC expressed the expectations that the excessive supply of raw materials will leave the market in the coming year due to the decline of the production outside the cartel.

Oil production outside the OPEC may fall by 100 thousand b / d -. to 55.9 million b / d next year. The growth of the oil production is expected in Brazil and Canada. Mexico, the USA and Norway can show the decrease in the production.

The demand for the OPEC oil cartel can rise by 1.1 million b / d – up to 33 million b / d next year.

In June the OPEC members extracted 32.86 million b / d, that is 264 thousand b / d higher than in the previous month. At the same time, the oil production in the Kingdom of Saudi Arabia in June jumped by 280 thousand b / d -. to 10.55 million b / d, which is close to the highest level that was recorded a year ago.

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment