Baku, Azerbaijan, May 14
By Leman Zeynalova – Trend:
World oil demand growth for 2018 was 25,000 barrels per day (b/d) higher than the previous month’s assessment with oil demand growth pegged at 1.65 million barrels per day (mb/d) and total oil consumption at 98.84 mb/d, OPEC said in its Monthly Oil Market Report for May.
“World oil demand grew by 1.65 mb/d in 2017, unchanged from the previous month’s assessment, despite
revisions within the regions. Global world demand averaged 97.2 mb/d. Oil demand growth in the OECD (Organization for Economic Co-operation and Development) region saw a very minor upward adjustment of 14 tb/d in 2017, due to better-than-expected data for OECD Europe in all quarters of 2017,” said the report.
The cartel said that oil demand growth in the OECD region was revised higher by 20,000 b/d in 1Q18, due to better-than-expected data in OECD Americas-US and OECD Asia Pacific.
In February 2018, solid middle distillate demand supported by development in industrial activities, colder-than-anticipated weather and strong mining activities provided most of the gains in the US and OECD Asia Pacific (Japan, South Korea and Australia.), said the cartel.
“In the non-OECD region, oil demand growth in 2018 was unchanged as adjustments in Other Asia and Latin
America were offset by the Middle East and Africa regions. In Other Asia, better-than-expected demand in India resulted in an upward revision of 50 tb/d in 1Q18. On the other hand, oil demand growth was adjusted lower in the Middle East and Africa by 30 tb/d in 1Q18, mainly reflecting slower-than-expected oil demand in the region,” said the report.
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