Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Riyadh Metro to begin partial operations next Wednesday: Report    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Al Qadsiah hands Al Nassr their first defeat in the Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Downing Street indicates Netanyahu faces arrest if he enters UK    London's Gatwick airport reopens terminal after bomb scare evacuation    Civil Defense warns of thunderstorms across Saudi Arabia until Tuesday    Saudi Arabia, Japan strengthen cultural collaboration with new MoU    Slovak president meets Saudi delegation to bolster trade and investment ties    Saudi defense minister meets with Swedish state secretary    Navigating healthcare's future: Solutions for a sustainable system    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Sixth foreign tourist dies of suspected methanol poisoning in Laos    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Trump picks Pam Bondi as attorney general after Matt Gaetz withdraws    Al-Jasser: Saudi Arabia to expand rail network to over 8,000 km    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Global oil demand to rise 5.3% in 2015
Published in The Saudi Gazette on 05 - 08 - 2012

JEDDAH – The Organization of Petroleum Exporting Countries raised estimates for global oil demand to 2015 after a swifter-than-expected economic rebound.
Worldwide consumption will increase by 5.3 percent to 92.9 million barrels a day in the 2015, led by emerging Asian economies, OPEC said in its annual World Oil Outlook. The 2015 estimate is 1.9 million barrels more than last year's forecast. Still, Europe's debt crisis and slowing US growth pose risks, the group said.
Consumption growth will be led by emerging economies in Asia. Demand in China will increase by 21 percent to 11.6 million barrels a day, from 9.6 million this year, it said. Demand in the industrialized nations that compose the Organization for Economic Cooperation and Development will be little changed in the period, estimated at 46 million barrels a day in 2015.
Supplies from outside the organization, including non- conventional oil and natural gas liquids, will increase "steadily" to 2015, rising 4.5 percent to 55.3 million barrels a day as output from the Caspian Sea, Brazil and Canada compensates for the decline of conventional crude exports from the North Sea and Mexico, according to the report.
However, in its monthly report in July, OPEC said the daily average demand for crude will slow down in 2013, noting that its current production will be enough to handle the demand for 2013 and if there is any growth in demand it will be aptly handled by non-OPEC producers.
OPEC which produces a third of global oil, blamed Europe's debt crisis, a weak US economic recovery, and slow growth in emerging markets like India and China as the likely reason for the expected fall in demand.
“Besides the euro zone crisis, geopolitical tensions in the Middle East, the contraction of manufacturing in the US for the first time since 2010 and decelerating economic growth in emerging markets have been fuelling uncertainties regarding global economic growth,” OPEC said in a monthly report.
“US oil supply is expected to average 10.07 million bpd in 2013, an increase of 0.37 million bpd over 2012. This increase will be the highest among all non-OPEC countries and at the highest annual level since 1986”, OPEC said.
According to the Reference case in the EIA's 2011 International Energy Outlook, world crude prices are expected to be at $95 per barrel in 2015, $108 in 2020, and $125 by 2035. In last year's report the agency also estimated world oil prices would be $95 in 2015, but expected $109 in 2020 and $134 by 2035.
From 2008 to 2035, the EIA projects total world energy consumption to rise by an average annual 1.6 percent in the Reference case. The EIA's 2010 report projected total world energy consumption to rise by an average annual 1.4 percent between 2007 and 2035. Global oil consumption will climb to 109.7 million barrels a day by the end of the period. – SG/Agencies


Clic here to read the story from its source.