OPEC Increased the Forecast for Oil Demand

Forex News

OPEC in the new annual forecast of World Oil Outlook has increased the forecast for oil demand in the medium and long term. According to the OPEC prognosis, the forecast for oil demand looks stronger than last year. In 2016-2022, the demand for oil will increase by 6.9 million barrels per day, to 102.3 million barrels, said in the report. Thus, the forecast increased by 48%.

The new OPEC report also says that US oil shale companies that have upended the energy industry, will see much of the growth in demand for oil in the coming years.