Wednesday , 25 April 2018

OPEC puts global GDP growth forecast at 3.8%

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,, 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. ”




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