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VIENNA / WAM
In 2017, world oil demand growth is forecast at 1.15 mb/d to average 95.56 mb/d, according to OPEC Monthly Oil Market Report.
‘‘World oil demand growth is estimated at 1.24 mb/d in 2016 supported by the transportation sector, reflecting low retail prices and better-than-anticipated vehicle sales.
In the non-OECD, other Asia and China saw solid-to-steady oil demand growth.
In Latin America and the Middle East, oil
requirements were lower than initial projections as slower economic developments and a high level of substitution dampened oil consumption. In 2017, world oil demand is projected to grow by 1.15 mb/d,’’ the
report said.
In OECD, it added, oil demand is projected to rise in OECD Americas, flatten in Europe and continue declining in Asia Pacific. In non-OECD, improvement in economic activities is assumed to provide support to oil demand growth, particularly in Latin America and the Middle East.