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OPEC Keeps Global Oil Demand Forecast Unchanged

Organization of Petroleum Exporting Countries (OPEC) kept its forecast for increase in global oil demand at 2 million 320 thousand barrels per day.

According to the Organization of Petroleum Exporting Countries (OPEC), monthly oil market report, the forecast for global oil demand growth has not changed. Accordingly, global oil demand is expected to increase by 2 million 320 barrels per day compared to last year and reach 101 million 900 thousand barrels this year.

It is calculated that the demand will increase by 140 thousand barrels per day in OECD countries to 46 million 100 thousand barrels, and in non-OECD countries it will be 55 million 800 thousand barrels with an increase of 2 million 180 thousand barrels per day.

In the report, it was stated that global economic growth was supported by stable economic activity in OECD economies in the first quarter of the year, positive effects of the recovery in China’s economy and strong economic growth data in other Asian countries, including India. It was stated that the economic impact of the turbulence experienced by the US banking sector in the recent period was limited.

However, the report warned that uncertainties regarding the global economy continue to pose downside risks to economic growth, especially given the tight monetary policies in advanced economies.

In the report, it was noted that in the third quarter of the year, the increase in fuel consumption during the travel period in the USA and the air traffic in the country reaching the levels after the Kovid-19 epidemic stood out as the factors supporting global demand.

Global Oil Supply Decreased In March

According to the report, global oil supply decreased by 200,000 barrels per day in March compared to the previous month, to approximately 101 million 900 thousand barrels. Despite this, global supply was 1 million 900 thousand barrels above last year’s level.

The group’s daily crude oil production, on the other hand, decreased by 86 thousand barrels in March compared to the previous month and became approximately 28 million 800 thousand barrels. Thus, OPEC’s share in global oil production was recorded as 28.8 percent.

During this period, crude oil production in OPEC increased the most in Saudi Arabia. Angola, on the other hand, was the country where crude oil production decreased the most. Compared to the previous month, daily production increased by 44 thousand barrels in Saudi Arabia and decreased by 64 thousand barrels in Angola.

In the same period, daily oil production in non-OPEC countries increased by 1 million 480 thousand barrels to approximately 72 million 630 thousand barrels.

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