(EnergyAsia, January 30 2014, Friday) — With oil prices trading new near six-year lows, Organisation of Petroleum Exporting Countries (OPEC) has boosted its 2015 outlook for global oil demand and the economic prospects of the US and Eurozone. Crude prices are still under selling pressure despite North Sea Brent hitting a low of US$47.57 a barrel and US WTI slumping below US$44 this week.


While consumers are benefitting from lower oil prices, the cartel does not expect the windfall from energy savings to ignite economic growth.

It kept unchanged its January forecasts for the world economy to grow by 3.6% this year, with further improvements in the US and the Eurozone expected to be offset by weakness in Japan and Russia.

OPEC expects the Chinese economy to experience slower growth this year after expanding 7.4% in 2014 for its slowest rate since 1990. Beijing could be targeting growth of just seven percent this year.

“China will focus on deepening reforms which will have immediate economic benefits in 2015, although the country is notably delaying meaningful implementation of some major items,” said OPEC

Global oil supply will rise further as producers are unable to slow or shut down operations to maintain momentum.

The cartel estimates non-OPEC countries boosted production by 1.98 million b/d to 56.22 million b/d in 2014 compared with the December report’s estimate of 55.96 million b/d. It attributed the higher output to additional supplies coming out from the US, Russia, the UK, Brazil, Vietnam, Kazakhstan and Latin America.

“Non-OPEC oil supply in 2015 is projected to grow by 1.28 million b/d, down 80,000 b/d from the previous assessment, to average 57.49 million b/d,” it said.

 

January 2015

Table 1. World oil demand, million b/d

2013   2014    2015    2015/14 %

Americas                   24.08 24.18   24.37   0.79

Europe                       13.61 13.40   13.31   -0.67

OECD Asia                   8.32   8.14    8.02   -1.47

Total OECD                 46.01   45.72   45.70   -0.04

 

Other Asia                 11.06   11.28 11.53   2.22

China                          10.07   10.45   10.75   2.87

Latin America                        6.50  6.71    6.91   2.98

Middle East               7.81    8.07    8.35   3.47

Africa                           3.63    3.73    3.82   2.41

FSU                              4.49    4.54    4.58   0.88

Other Europe                         0.64    0.65    0.66   1.54

Total world                 90.20   91.15   92.30   1.26

Previous estimate   90.20   91.13   92.26   1.24

 

December 2014

Table 1. World oil demand, million b/d

2013   2014    2015    2015/14 %

Americas                   24.08 24.15   24.31   0.66

Europe                       13.61 13.39   13.30   -0.67

OECD Asia                   8.32   8.16    8.04   -1.47

Total OECD                 46.01   45.71   45.64   -1.53

 

Other Asia                 11.06   11.28 11.52   2.13

China                          10.07   10.42   10.73   2.98

Latin America                        6.50  6.78    6.93   2.21

Middle East               7.81    8.09    8.38   3.58

Africa                           3.63    3.72    3.81   2.42

FSU                              4.49    4.55    4.60   1.10

Other Europe                         0.64    0.65    0.66   1.54

Total world                 90.20   91.13   92.26   1.24

Previous estimate   90.14   91.19   92.38   1.31

 

November 2014

Table 1. World oil demand, million b/d

2013   2014    2015    2015/14 %

Americas                   24.05 24.17   24.33   0.66

Europe                       13.61 13.41   13.34   -0.52

OECD Asia                   8.29   8.16    8.06   -1.23

Total OECD                 45.95   45.74   45.73   -0.02

 

Other Asia                 11.06   11.29 11.52   2.04

China                          10.07   10.41   10.72   2.98

Latin America                        6.50  6.72    6.95   3.42

Middle East               7.81    8.12    8.41   3.57

Africa                           3.63    3.72    3.81   2.42

FSU                              4.49    4.55    4.60   1.10

Other Europe                         0.64    0.65    0.66   1.54

Total world                 90.14   91.19   92.38   1.31

Previous estimate   90.14   91.19   92.39   1.31

 

October 2014

Table 1. World oil demand, million b/d

2013   2014    2015    2015/14 %

Americas                   24.05 24.17   24.33   0.66

Europe                       13.61 13.41   13.34   -0.52

OECD Asia                   8.29   8.16    8.06   -1.23

Total OECD                 45.95   45.74   45.73   -0.03

 

Other Asia                 11.06   11.29 11.52   2.04

China                          10.07   10.41   10.72   2.98

Latin America                        6.50  6.72    6.95   3.35

Middle East               7.81    8.12    8.41   3.43

Africa                           3.63    3.72    3.81   2.42

FSU                              4.49    4.55    4.60   1.10

Other Europe                         0.64    0.65    0.65   0.01

Total world                 90.14   91.19   92.39   1.31

Previous estimate   90.14   91.19   92.38   1.30

 

September 2014

Table 1. World oil demand, million b/d

2013   2014    2015    2015/14 %

Americas                   24.05 24.19   24.35   0.66

Europe                       13.61 13.41   13.34   -0.52

OECD Asia                   8.29   8.23    8.06   -2.07

Total OECD                 45.95   45.77   45.75   -0.04

 

Other Asia                 11.06   11.29 11.52   2.04

China                          10.07   10.39   10.70   2.98

Latin America                        6.50  6.72    6.95   3.42

Middle East               7.81    8.12    8.41   3.57

Africa                           3.63    3.72    3.81   2.42

FSU                              4.49    4.55    4.60   1.10

Other Europe                         0.64    0.63    0.64   0.01

Total world                 90.14   91.19   92.38   1.30

Previous estimate   90.01   91.11   92.32   1.32

 

 

January 2015

Table 2. World economic growth: OPEC’s forecast

World OECD   US       Japan Eurozone       China

2014                3.2       1.8       2.4       0.2       0.9                   7.4

2015                3.6       2.2       2.9       1.2       1.2                   7.2

 

December 2014

Table 2. World economic growth: OPEC’s forecast

World OECD   US       Japan Eurozone       China

2014                3.2       1.8       2.2       0.4       0.8                   7.4

2015                3.6       2.1       2.6       1.2       1.1                   7.2

 

November 2014

Table 2. World economic growth: OPEC’s forecast

World OECD   US       Japan Eurozone       China

2014                3.2       1.8       2.1       0.8       0.7                   7.4

2015                3.4       2.0       2.6       1.2       1.1                   7.2

 

October 2014

Table 2. World economic growth: OPEC’s forecast

World OECD   US       Japan Eurozone       China

2014                3.2       1.8       2.1       0.8       0.7                   7.4

2015                3.4       2.0       2.6       1.2       1.1                   7.2

 

 

January 2015

Forecasts: Non-OPEC oil supply in 2014 and 2015, million b/d

2013    2014    %         2015    %

Non-OPEC                   54.24   56.22   3.65     57.49   2.26

Previous estimate   54.23   55.95   3.17     57.31   2.43

 

December 2014

Forecasts: Non-OPEC oil supply in 2014 and 2015, million b/d

2013    2014    %         2015    %

Non-OPEC                   54.23   55.95   3.17     57.31   2.43

Previous estimate   54.23   55.91   3.10     57.16   2.24

 

November 2014

Forecasts: Non-OPEC oil supply in 2014 and 2015, million b/d

2013    2014    %         2015    %

Non-OPEC                   54.23   55.91   3.10     57.16   2.24

Previous estimate   54.23   55.91   3.10     57.16   2.24

 

October 2014

Forecasts: Non-OPEC oil supply in 2014 and 2015, million b/d

2013    2014    %         2015    %

Non-OPEC                   54.23   55.91   3.10     57.16   2.24

Previous estimate   54.23   55.91   3.10     57.16   2.24

This entry was posted in and tagged . Bookmark the .