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WB Forecasts World Oil Demand Growth

WB Forecasts World Oil Demand Growth

World oil demand is projected to increase by 1.2 mb/d to 95.9 mb/d in 2016, said the WB latest Commodity Markets Outlook.

According to the outlook, OECD oil demand is projected to be flat, with modest gains in North America offset by losses elsewhere. Non-OECD oil demand is projected to rise by 1.2 mb/d (2.4 percent), somewhat slower than last year. Growth is projected to slow in Asia, notably in China, but the region still accounts for the bulk of non-OECD growth.

According to WB, world oil demand in 2015 grew by 1.8 mb/d or 2.0 percent, the highest growth in five years, in part aided by low prices. OECD oil demand grew by more than 0.4 mb/d (1 percent). All of the OECD growth last year was in North America and Europe. Non-OECD oil demand trended modestly higher, rising by 1.4 mb/d (3 percent), with most of the growth in Asia.

Source: trend