OPEC expects oil demand to increase this year

Market news

9 February 2015

OPEC expects oil demand to increase this year

The Organization of the Petroleum Exporting Countries (OPEC) said on Monday that oil demand will be 29.2 million barrels a day this year, a rise of about 100,000 barrels a day compared with last year.

OPEC lowered its estimate for non-OPEC supply growth in 2015 by about 400,000 barrels a day.

Falling oil prices have forced international oil companies to cut their expenditure.

Oil price has rebounded in the past two weeks.

OPEC expects that global oil demand will rise by 1.17 million barrels a day in 2015 to 92.32 million barrels a day.

China’s imports plunged by 19.9% in January

Bank of England Governor Mark Carney: there is a lot of job creation in the U.K., not a lot of productivity

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