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OPEC expects 2018 global oil demand to increase by 1.53 mln bpd

VIENNA, Jan 18 (KUNA) -- Global oil exporters group, OPEC, projected a growth of oil demand by 1.53 million bpd in 2018 to reach 98.51 million bpd, after amending its earlier 1.51 million bpd forecast.
In its monthly January report, OPEC also revised its 2017 global demand growth figures to 1.57 million barrels per day, with an average set at 96.99 million bpd.
OPEC's Reference Basket (ORB) was at an average of USD 62.06 per barrel in December 2017, its highest since June 2015.
This is due to "wide-ranging support from production adjustment resulting from the Declaration of Cooperation (DoC), strong economic and demand growth, as well as sentiment in the financial markets," the report mentioned.
Individually, ICE Brent increased USD 1.23 to reach USD 64.09 pb, while NYMEX WTI increased USD 1.28 at USD 57.95 pb.
OPEC crude in 2018 is projected to rise 0.2 million bpd higher than the previous year to 33.1 million bpd, it added.
Meanwhile, non-OPEC supply growth is set to stand at 1.15 million bpd, driven primarily by higher growth expectations for the US and Canada.
As for the global economy, the report forcasted 3.7 percent GDP rate for both 2017 and 2018.
US growth in 2018 was amended to 2.6 percent, after 2.3 percent growth in 2017.
In the Euro-zone, growth is forcasted to drop to 2.1 percent in 2018 compared to 2.4 percent in 2017.
As for Japan, growth in both 2018 and 2017 is projected to stand at 1.6 percent and 1.8 percent, respectively, while India witnessed a slight downward revision to 7.2 percent in 2018, after growth of 6.5 percent in 2017.
China's growth was forcast at 6.8 percent in 2017 and 6.5 percent in 2018.
As for the total Organisation for Economic Cooperation and Development (OECD) commercial oil stocks, the report said they had fallen in November to stand at 2,933 million barrels.
"At this level, OECD commercial oil stocks are about 133 million barrels above the latest five-year average.
"In terms of days of forward cover, OECD commercial stocks stand at 61.8 days in November," said the report. (end) amg.sd