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Opec sees oil consumption growing in ’17


World oil demand  growth in 2017 is expected to rise by 1.42 million barrels per day (mbpd) after an upward revision of around 50,000 barrels per day (tbpd), according to Opec Monthly Oil Market Report (MOMR).

‘’The adjustment mainly reflects better-than-expected data from OECD region for the 2Q17, particularly OECD Americans and Europe, as well as China. In 2018, world oil demand is anticipated to grow by 1.35 mbpd, an increase of 70 tbpd from the previous report. This reflects higher growth expectations for OECD Europe and China,’’ Emirates news agency Wam said, quoting the Opec report for September.

‘’Non-Opec oil supply is expected to grow by 0.78 mpbd in 2017, unchanged from the last month due to offsetting revisions in Kazakhstan and US supply. In 2018, non-Opec oil supply is forecast to grow by 1.0 mpbd, following a downward revision to Russia and Kazakhstan, totalling 0.1 mpbd. Opec NGLs and non-conventional liquids production are seen averaging 6.49 mpbd in 2018, representing an increase of 0.18 mpbd, broadly in line with growth in the current year. In August, Opec crude oil production decreased by 79 tbpd to average 32.76 mpbd,’’ the report stated. Based on the current global oil supply/demand balance, it said, Opec crude in 2017 is estimated at 32.7 mpbd, around 0.5 mpbd higher than in 2016.