OAPEC Expects Higher Global Oil Demand

KUWAIT CITY, May 23 Source: Xinhua News Agency Publication date: 2000-05-23

The Organization of Arab Petroleum Exporting Countries (OAPEC) on Tuesday predicted the world oil demand will reach 77 million barrels per day (bpd) by the end of this year, up by 1.7 million bpd from last year's 75.3 million bpd. But even with an increase of 2.2 million bpd from the 1999 level, the world will only be able to supply 76.2 million bpd by the yearend, the OAPEC said in its monthly newsletter.

On the world crude demand during the second quarter, the OAPEC projected a rise of 2.1 million bpd from the same period last year to reach 75.3 million bpd.

According to OAPEC, the world consumed 77.2 million bpd in the first quarter, rising by 0.9 million bpd compared to the corresponding period last year.

But world oil supply during the first three months of this year was only 74.9 million bpd, because of a slight drop of 0.2 million bpd compared with 1999.

On world crude demand during the third quarter this year, the OAPEC expected a hike of 2.3 million bpd from the same quarter last year to hit 76.8 million bpd.

The world's daily consumption of crude in the last quarter of this year is likely to grow by 1.8 million bpd to reach 77 million bpd, the OAPEC said.

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-- Martin Thompson (mthom1927@aol.com), May 24, 2000