Global Demands for Oil Will Increase Gradually
Posted: 08/07/2014 01:08:14 Edited: 08/07/2014 02:08:13 Clicks: 2242
Monthly Report of Oil Market which was published on August 6 by OPEC (Organization of Petroleum Exporting Countries) estimates that global demands for oil will continue increasing in 2015, rising from 1.1 million barrels per day this year to 1.2 million barrels per day in the next year. Total demands will exceed 92.3 million barrels per day.
The report claims that global economy is still recovering though it showed weak tendency in the first half of this year. At present, OPEC predicts that the growth rate of global economy in 2014 is 3.1%, slightly higher than 2.9% in 2013. It is estimated that growth rate of global economy will reach 2.4% in 2015. Comprehensive GDP growth rate of OCED will reach 1.7% and 2.0% respectively this year and the next year. For emerging economies, OPEC predicts that GDP growth rate in China will reach 7.4% and 7.2% respectively in the next two year.
Under the circumstance, OPEC predicts that demands for oil in OECD will increase by 40 thousand barrels per day. Although the quantity is limited, this is the first time that growth forecast of OPEC for demands for oil in OCED since 2010. The U.S., Canada and other American countries are the main power to pull growth. Shrinkage will slow down though the demands for oil in Europe and APEC will continue shrinking.
The report stresses that the tendency of global demands for oil still largely depends on the economic situations in main consumers, substitution of gas and other energy to oil, the situation of oil subsidy reform in some countries and the progress of improving service efficiency of fuels.
What is more, the report also predicts that oil supply outside OPEC will increase by 1.3 million barrel per day in 2015, reaching average 57 million barrels per day, which is slightly lower than estimated growth of 1.5 million barrels per day this year.
The report claims that global economy is still recovering though it showed weak tendency in the first half of this year. At present, OPEC predicts that the growth rate of global economy in 2014 is 3.1%, slightly higher than 2.9% in 2013. It is estimated that growth rate of global economy will reach 2.4% in 2015. Comprehensive GDP growth rate of OCED will reach 1.7% and 2.0% respectively this year and the next year. For emerging economies, OPEC predicts that GDP growth rate in China will reach 7.4% and 7.2% respectively in the next two year.
Under the circumstance, OPEC predicts that demands for oil in OECD will increase by 40 thousand barrels per day. Although the quantity is limited, this is the first time that growth forecast of OPEC for demands for oil in OCED since 2010. The U.S., Canada and other American countries are the main power to pull growth. Shrinkage will slow down though the demands for oil in Europe and APEC will continue shrinking.
The report stresses that the tendency of global demands for oil still largely depends on the economic situations in main consumers, substitution of gas and other energy to oil, the situation of oil subsidy reform in some countries and the progress of improving service efficiency of fuels.
What is more, the report also predicts that oil supply outside OPEC will increase by 1.3 million barrel per day in 2015, reaching average 57 million barrels per day, which is slightly lower than estimated growth of 1.5 million barrels per day this year.
