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Opec keeps demand forecasts unchanged for 2015

Opec keeps demand forecasts unchanged for 2015
Photo Credit: Arabianeye-Reuters

Cairo-Mubasher: Opec has maintained its estimates for global growth in oil demand for 2015.

Demand for Opec’s crude is likely to remain at 29.2 million barrels per day (b/d) in 2015, compared with 29.1 million barrels in 2014, Opec said in its February report.

The 12-member organisation kept its forecasts for global oil demand at 1.17 million b/d in 2015, compared with its previous forecasts.

The non-Opec supply is expected to rise by 850,000 b/d this year to average 57.16 million b/d.

Total Opec crude oil production averaged 30.02 million b/d in February, a decrease of 140,000 b/d from the previous month.