OPEC raises oil demand forecast

[dan_s]

The Organization for Petroleum Exporting Countries (OPEC) lifted its forecast for global demand for oil in 2016 on Wednesday, according to its August monthly report.

OPEC said that world oil demand would increase by 1,220,000 barrels per day in 2016, 30,000 barrels higher than its previous estimate.

The organization left its projection for 2017 unchanged at 1,150,000 b/d.

“While the OECD countries will contribute positively to oil demand growth adding some 100,000 b/d of growth, the bulk of the growth in 2017 will originate from the non-OECD countries with 1,050,000 b/d,” the report noted. < Lots of growth coming from India

According to the group’s expectations, demand for OPEC crude in 2016 was estimated at 31.9 mb/d, unchanged from last report and 1.9 mb/d higher than in the previous year.

In 2017, demand for OPEC crude was forecast at 33.0 mb/d, in line with the previous report and 1.1 mb/d higher than in 2016.

[dan_s]

The smaller countries in OPEC are dying. They are begging Saudi Arabia to do something to shore up oil prices.

Oil’s return to a bear market last week prompted a flurry of words from members of the Organization of Petroleum Exporting Countries. The group’s president Mohammed Al Sada announced plans on Monday to hold an informal meeting in Algiers next month to discuss stabilizing the market, while Venezuelan President Nicolas Maduro said Tuesday he spoke to Saudi Arabia’s king about boosting prices.

Read: http://www.oilandgas360.com/saudi-iran- ... S_Campaign