The organisation of Petroleum Exporting Countries, OPEC, has put the global Gross Domestic Product, GDP forecast at 3.8 per cent.
In its latest market report sent to The Daily, http://www.thedaily-ng.
com, OPEC stated that; ”The global GDP growth forecast remains at 3.8% for both 2017 and 2018. Expected US growth in 2018 is unchanged from the previous month at 2.7%, after growth of 2.3% in 2017. Growth in the Euro-zone was revised up to 2.3% in 2018, following growth of 2.5% in 2017. Japan’s 2018 growth forecast remains at 1.5%, after actual growth of 1.7% in 2017.
”India’s and China’s 2018 GDP growth forecasts remain unchanged at 7.2% and 6.5%, respectively, following 2017 GDP growth of 6.3% and 6.9%. World Oil Demand World oil demand growth for 2017 was adjusted higher by around 30 tb/d to 1.65 mb/d.”
It also disclosed that: ”World oil demand growth for 2017 was adjusted higher by around 30 tb/d to 1.65 mb/d, mainly to account for up-to-date data in both OECD and non-OECD regions. Total world oil demand is now pegged at 97.07 mb/d for the year. Similarly, world oil demand growth in 2018 was revised higher by 30 tb/d, compared to last month’s report, to now stand at 1.63 mb/d.
”This mainly reflects the positive momentum in the OECD in the 1Q18 on the back of better-than-expected data, and supported by development in industrial activities, colderthan-anticipated weather and strong mining activities in the OECD Americas and the OECD Asia Pacific. In the non-OECD region,
”Other Asia saw an upward revision of 30 tb/d in the 1Q18 as a result of better-than expected demand in the industrial and transportation sectors in the first two months of the year. In contrast, oil demand growth was adjusted lower by 30 tb/d in the 1Q18 in the Middle East region. This mainly reflects slower-than-expected regional oil demand developments. Total world oil demand for the year is forecast to average 98.70 mb/d.”
It added that: ”Non-OPEC supply for 2017 was revised up by 0.03 mb/d, mainly due to updated Canadian production data, to now show growth of 0.9 mb/d for the year. For 2018, non-OPEC supply was also revised up by 0.08 mb/d from the previous month’s assessment, to now show growth of 1.71 mb/d year-on-year.
”This is on the back of higher-than-expected output in the 1Q18, mainly in the FSU and the US, as well as some upward adjustments elsewhere. Non-OPEC supply is now estimated to average 59.61 mb/d for 2018. OPEC NGLs and non-conventional liquids’ production is estimated to grow by 0.18 mb/d year-on-year to average 6.49 mb/d in 2018. In March, OPEC crude production decreased by 201 tb/d to average 31.96 mb/d, according to secondary sources. ”