Home OPEC monthly report: global oil demand to rise by 1.65 mbpd in 2018

OPEC monthly report: global oil demand to rise by 1.65 mbpd in 2018

Published date: 12 Jun. 2018 | 13:31

OPEC, in its monthly oil market report (MOMR), anticipates global oil demand to rise by 1.65 million bpd in 2018.

Key points:

“¢ Total OPEC crude oil production rose in May.
“¢ Oil inventories declined in April.
“¢ 2018 demand for crude averaging 32.75 mil bpd, unchanged from prior forecast.
“¢ There is ‘pronounced uncertainty’ about oil market outlook for 2H 2018.
“¢ Cites downside risks for demand in US, China, and India.
“¢ Higher production in Iraq, Saudi, and Algeria partially offset by decreased production in Nigeria, Venezuela, and Libya.

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