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OPEC report sees a rise in global oil demand

Published: 16:10 11 Oct 2017 BST

offshore oil operations

Global oil demand has been upgraded by OPEC with October’s version of its monthly market report seeing the forecast rise to 1.5mln barrels per day.

The report from the producer’s cartel pointed to improving momentum in all economies, it also indicated that non-OPEC crude supply is expected to grow by around 700,000 barrels per day this year.

At the same time though the estimate for non-OPEC production growth saw downward revision of 600,000 barrels a day in 2018 to stand at 900,000 bopd.

It stated the balance of supply and demand at 32.8mln barrels per day for 2017, which would represent an increase of 600,000 bopd from last year and it projects 33.1mln barrels for 2018, up 300,000 barrels a day compared to this year.

Brent crude was changing hands at US$56.50 per barrel in London on Wednesday afternoon.

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