OPEC Oil Demand to Rise Over Next Three Years

Global demand for OPEC’s crude oil will rise in the next three years, the group forecast, suggesting its 2014 decision to let prices fall to curb costlier rival supplies such as U.S. shale is delivering higher market share.

The Organization of the Petroleum Exporting Countries, which in 2014 refused to cut supply despite a glut, said in its 2016 World Oil Outlook that demand for its crude would reach 33.70 million barrels per day in 2019, up 1 million bpd from 2016.

The report shows that the market outlook for the next few years – from OPEC’s point of view as the supplier of a third of the world’s oil – has improved. In the 2015 edition, demand for OPEC crude was expected to fall to 30.70 million bpd by 2020.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam