OPEC "Next Year's Crude Oil Demand to Increase by 1.6% Compared to This Year"

Daily Demand Expected to Reach 105.78 Million Barrels Next Year

[Image source=Reuters Yonhap News]

It is forecasted that global crude oil demand will increase by 1.58% next year compared to this year.

The Organization of the Petroleum Exporting Countries (OPEC) made this projection in its monthly oil market report released on the 14th (local time).

According to the report, the global crude oil demand next year is expected to be 105.78 million barrels per day, an increase of 1.64 million barrels compared to 104.14 million barrels this year.

China, the largest crude oil consumer, is projected to have a daily crude oil demand of 17.36 million barrels next year, a 2.44% increase during the same period.

According to the report released last month, global crude oil demand for next year was revised down by 210,000 barrels. This year’s crude oil demand also decreased by 110,000 barrels per day.