OPEC: world oil demand is anticipated to rise by 1.15 mbd in 2015

Vienna, 10th February, 2015 (WAM) — Global oil demand is estimated to have grown by 0.95 mbd in 2014, representing an upward revision of 20 tbd from the previous month, according to OPEC Monthly Oil Market Report (MOMR).

”The adjustment mainly reflects better-than-expected oil demand data from OECD America and China. In 2015, world oil demand is anticipated to rise by 1.15 mbd, following an upward revision of 30 tbd due to expectations of higher oil requirements in OECD America and Other Asia,” the MOMR said.

Regarding world oil supply, the monthly report said non-OPEC oil supply was estimated to have grown by 1.98 mbd in 2014, following an upward revision of 260 tbd from the previous report, driven by higher than expected growth seen at the end of the year.

In 2015, it added, non-OPEC oil supply is projected to grow by 1.28 mbd, representing a downward revision of 80 tbd from the previous report.

OPEC NGLs and non-conventional liquids are expected to average 6.03 mbd in 2015, up from 5.83 mbd in 2014. In December, OPEC crude oil production averaged 30.20 mbd, according to secondary sources, an increase of 0.14 mbd over the previous month.

”The OPEC Reference Basket averaged $59.46b in December, following a decline of $16.11 or 21%. In annual terms, the Basket averaged $96.29b in 2014, representing a decline of $9.58 from the previous year. ICE Brent in December plunged $16.36 to stand at $63.27b, averaging $99.45b for the year. Nymex WTI lost $16.52 to stand at $59.29b in December, for a yearly value of $92.97b. The Brent-WTI spread stood at $3.98b,” it said.

”World economic growth for 2014 and 2015 remains unchanged from the previous month at 3.2% and 3.6%, respectively. The OECD growth estimate is unchanged at 1.8% for 2014, but the 2015 forecast has been revised to 2.2% from 2.1%. The forecasts for China and India remain unchanged at 7.2% and 5.8% in 2015, respectively,” it said.

on the balance of supply and demand, the report noted that demand for OPEC crude was estimated at 29.1 mbd in 2014, representing a revision of 0.2 mbd from the last report.

”In 2015, required OPEC crude is projected at 28.8 mbd, following a downward adjustment of 0.1 mbd.”