- Global oil demand is seen to rise by 1.17 million barrells per day (mb/d), following an upward revision of 20 thousand barrells per day (tb/d) due to expectations of higher oil requirements in OECD America, oil cartel said on Thursday.
"Global oil demand in 2015 is currently anticipated to rise by 1.17 mb/d; however, developments need to be monitored closely, particularly following the sharp drop in crude oil prices seen in recent months" said in the OPEC Monthly Oil Market Report. "As a result, 2015 total oil demand growth currently stands at 1.17 millon barrels per day, with total oil consumption projected to reach 92.32 million barrels per day."
"As prices drop, oil requirements are likely to respond positively, although this can be impacted by other factors. For example, in 2008, prices fell sharply starting in the summer with the onset of the financial crisis and the global economic recession, which also led to a deterioration in demand. This time the sharp fall in prices has been mainly driven by excess supply. As a result, lower prices are likely to help to accelerate the pace of oil demand growth this time."
The OPEC Reference Basket ended January down 15.08 dollars or 25 percent to average 44.38 dollars/barrel, reaching its lowest value in six years as excess supply and weak demand continued to weigh on the crude oil market.
Brent crude oil ended January at 49.76 dollars, down 13.51 dollars from the previous month. Nymex WTI lost 11.96 dollars to stand at 47.33 dollars. The Brent-WTI spread narrowed to 2.43 dollars/barrel.
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