OPEC expects growth in global oil demand

In its previous monthly report published in December, OPEC forecast oil demand growth at 1.15 million barrels per day to average 95.56 million barrels per day in 2017.

Positive upward revisions were focused on OECD Europe, as a result of cold weather and improvement in transportation fuel requirements, the report said.

Forecast on Asia was revised downward in the first half of 2017, following the demonetization policy weighing on the economy and thus oil requirements.

For 2016 world oil demand was revised marginally up by 10,000 barrels per day to average 1.25 million barrels per day compared to the previous report; as a result, total oil demand stood at 94.44 million barrels per day.

According to OPEC, this upward revision was broadly due to better-than-expected data in the OECD region.