OPEC predicted the growth in world oil demand to record levels

World oil demand will continue to grow and in 2017 will reach a record level in 95,41 million barrels a day, from the August report of the Organization of countries-exporters of oil (OPEC).

In 2016, the increase in average daily oil demand, according to the calculations of experts of the cartel will amount to 1.22 million barrels, 30 million barrels higher than the estimated from the July version of the forecast. At year-end level of world demand for oil will reach 94,26 million barrels per day in 2015 was 93,04 million barrels), while in the second half of the year it will hold above 95 million barrels per day, OPEC believes.

Next year the rate of growth of demand, expects OPEC will slow down somewhat (from 1.31% to 1.22%). However, the average level of demand at the end of 2017 will reach a record level in 95,41 million barrels per day, and in the fall and winter will exceed 96 million barrels, the report noted.

Thus over 30 years of world demand for oil will grow by more than half in 1987 it was estimated just 63,107 million barrels per day. By 1997 the demand had grown to 73,597 million barrels, and in 2007 was already 86,788 million barrels per day.

Compared to the 2016 world demand for oil, as it expects OPEC to rise by 1.15 million barrels a day. In this case the main contribution to the growth of demand will make Asia. In particular, the daily demand for oil in China, according to estimates by OPEC, will increase by 270 thousand barrels, in India – 160 thousand barrels in the middle East – 180 thousand barrels. At the same time will increase the demand for oil in the United States (150 million barrels), Africa (+110 thousand barrels) and Latin America (+70 thousand barrels), but in Europe the demand for oil is expected to fall moderately.

According to analysts ‘ estimates, OPEC, demand for oil produced in your Inbox in the cartel countries in 2016 will increase by 1.9 million barrels a day, and in 2017 and by another 1.2 million barrels. The volume of oil production outside of OPEC will decline, which will help the cartel to increase its market share, ” the document reads.

In early July, 2016 Executive Director, International energy Agency, Fatih Birol warned about the growing dependence of the world oil market from the supply from the Middle East. According to the IEA, the share of Saudi Arabia and other middle East countries now account for 34% of all deliveries to the world market, which is the highest figure since 1975. For comparison, in 1985, after the beginning of intensive exploration by Europeans of the fields in the North sea the proportion of middle East oil on the world market fell to 19%.

“Middle East countries are reminded that they are the main source of cheap oil. The faster the demand will increase, the more [consumers] will be [here] to import,” said Birol, calling for politicians from the developed countries to think about introducing more stringent measures for improving the fuel efficiency.