OPEC said this in the April edition of its Monthly Oil Market Report.
World oil demand growth in 2016 was kept broadly unchanged at 1.38 million barrels per day (mb/d), averaging 95.05 mb/d.
“For 2017, oil demand growth is anticipated to be around 1.27 mb/d, following an upward revision of 10 trillion barrels daily to average 96.32 mb/d,” the report stated.
It also said the Asia group, including India, was anticipated to lead oil demand growth this year followed by China and the Organisation for Economic Co-operation and Development (OECD) Americas.
“OECD Asia Pacific is the only region anticipated to see a decline in oil demand in 2017, demand for OPEC crude in 2016 now stands at 31.7 mb/d, which is 1.9 mb/d higher than the 2015 level.”
In 2017, demand for OPEC crude is projected at 32.2 mb/d, around 0.6 mb/d higher than the 2016 level.