VIENNA, January 18. OPEC has raised its estimate of global oil demand in 2015 to 10 thousand barrels/day to 92,92 million barrels per day, which is 1.54 million barrels per day more than in 2014, this is stated in the January report of the organization.
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The forecast for growth in oil demand in 2016 also increased by 10 thousand barrels/day compared to the December assessment. Thus, world oil demand in 2016, according to the forecast, OPEC will be above the level of 2015 by 1.26 million barrels a day and will be about 94,17 million barrels per day.
In addition, OPEC has raised its estimate of oil production in 2015 by countries outside the organization, to 230 thousand barrels per day to 56,87 million barrels per day, which is 1.23 million barrels per day more than in 2014.
At the same time, the Outlook on this indicator by 2016, experts of the OPEC lowered by 270 thousand barrels a day and expected reduction of oil production of 660 thousand barrels per day before 56,21 million barrels per day. The forecast production level in 2016 is associated with heightened expectations of an even greater decline in oil production in Canada and the U.S. due to declining oil prices.
Assessment of OPEC, the oil demand of the organization in 2015 was on 200 thousand barrels per day more than in 2014 and reached 29.9 million barrels a day. The demand for oil of OPEC countries in 2016 is projected at 31.6 m barrels per day, 1.7 million barrels per day higher than in 2015.
Mining in Russia
However, the cartel increased its forecast of oil production in Russia in 2016 by 10 thousand barrels per day and now expects production growth compared to 2015 by 50 thousand barrels/day up to 10,74 million barrels/day.
In December 2015 oil production in Russia in comparison with November increased to a record high amid the start of production on a large oil field Company “Yarudeyskaya”.
However, in 2016, OPEC experts expect the slowdown in oil production in Russia because of the sanctions, low oil prices and lack of new projects.
