Global oil demand is estimated to have grown by 0.95 mb/d in 2014, representing an upward revision of 20 tb/d from the previous month, according to OPEC Monthly Oil Market Report (MOMR).
”The adjustment mainly reflects better-than-expected oil demand data from OECD America and China. In 2015, world oil demand is anticipated to rise by 1.15 mb/d, following an upward revision of 30 tb/d due to expectations of higher oil requirements in OECD America and Other Asia,” the MOMR said.
Regarding world oil supply, the monthly report said non-OPEC oil supply was estimated to have grown by 1.98 mb/d in 2014, following an upward revision of 260 tb/d from the previous report, driven by higher than expected growth seen at the end of the year.
In 2015, it added, non-OPEC oil supply is projected to grow by 1.28 mb/d, representing a downward revision of 80 tb/d from the previous report.
OPEC NGLs and non-conventional liquids are expected to average 6.03 mb/d in 2015, up from 5.83 mb/d in 2014. In December, OPEC crude oil production averaged 30.20 mb/d, according to secondary sources, an increase of 0.14 mb/d over the previous month.
”The OPEC Reference Basket averaged $59.46/b in December, following a decline of $16.11 or 21%. In annual terms, the Basket averaged $96.29/b in 2014, representing a decline of $9.58 from the previous year. ICE Brent in December plunged $16.36 to stand at $63.27/b, averaging $99.45/b for the year. Nymex WTI lost $16.52 to stand at $59.29/b in December, for a yearly value of $92.97/b. The Brent-WTI spread stood at $3.98/b,” it said.
”World economic growth for 2014 and 2015 remains unchanged from the previous month at 3.2% and 3.6%, respectively. The OECD growth estimate is unchanged at 1.8% for 2014, but the 2015 forecast has been revised to 2.2% from 2.1%. The forecasts for China and India remain unchanged at 7.2% and 5.8% in 2015, respectively,” it said.
on the balance of supply and demand, the report noted that demand for OPEC crude was estimated at 29.1 mb/d in 2014, representing a revision of 0.2 mb/d from the last report.
”In 2015, required OPEC crude is projected at 28.8 mb/d, following a downward adjustment of 0.1 mb/d.”
Source : WAM News Agency for United Arab Emirates
