OPEC eyes increased demand – increased production – OBI Online

OPEC is now released its monthly report for February.

Demand

There, the estimate for world oil demand in 2015 raised by 50,000 barrels to 92.96 million barrels per day, compared January report.
It would then correspond to a demand growth of 1.54 million barrels per day.

2016 demand is revised up 40,000 barrels to 94.21 million barrels. Demand growth is therefore estimated at 1.25 million barrels per day.
In January report was demand growth estimated at 1.26 million barrels per day.
Demand for OPEC oil is estimated at 29.8 million barrels per day in 2015, 0.1 million barrels above the 2014 level.
2016 is the estimate of 31.6 million barrels per day, that is 1.8 million barrels of estimated 2015 level.

Global oversupply for 2015 is estimated at 2.0 million barrels per day.

Offer

On the supply side estimates OPEC oil supply from outside the organization (non-OPEC supply) to 56 , 99 million barrels per day in 2015, representing an increase of 120,000 barrels per day (TAR).
It would then correspond to a supply growth of 1.32 million barrels per day in 2015.
2016 offer has been jacked up by 80,000 barrels to 56.28 million barrels per day. The supply of non-OPEC oil is expected, thus it to fall 710,000 barrels per day from 2015 to 2016. In January report the offer was estimated to fall 660,000 barrels.
OPEC production in January 2016 was 32.33 million barrels today, and thereby rose 131,000 barrels from December.
finally estimates OPEC now has a global economic growth of 3.2 percent in 2016. That’s down from 3.4 percent in January report.