SEARCH MENU
Caspian Energy Journal Caspian European Club
CASPIAN ENERGY NEWS
Most read
Wednesday, 13 September 2017 13:00

OPEC basket price goes up again

OPEC basket price goes up again

The OPEC Reference Basket rose for the second-consecutive month in August to average $49.60/b, representing a gain of $2.67/b or 6%. Year-to-date, the Basket was 30.9% higher at $49.73/b. Crude futuresprices also saw gains with ICE Brent increasing 5.5% to $51.87/b and NYMEX WTI up 3.0% at $48.06/b.

Year-to-date, crude futures prices were more than 20% higher. World economic growth has been revised up for 2017 to 3.5% from 3.4%, while the growth forecast for 2018 remains unchanged at 3.4%. OECD growth has performed better-than-anticipated in the current year –particularly the Euro-zone and to some extent in the US – and is now forecast to grow by 2.2% in 2017 and 2.0% in 2018. India is expected to grow by 6.9% in 2017 and 7.5% in 2018. Brazil and Russia are both forecast to expand their recovery to 0.5% and 1.5% in 2017, respectively, followed by growth of 1.5% and 1.4% in 2018. China is expected to grow by 6.7% in 2017 and 6.3% in 2018.

World Oil Demand

World oil demand growth in 2017 is expected to rise by 1.42 mb/d after an upward revision of around 50 tb/d.

The adjustment mainly reflects better-than-expected data from OECD region for the 2Q17, particularly

OECD Americans and Europe, as well as China. In 2018, world oil demand is anticipated to grow by

1.35 mb/d, an increase of 70 tb/d from the previous report.

More details: http://www.opec.org/opec_web/static_files_project/media/downloads/publications/MOMR%20September%202017.pdf

 

Person in charge of the newsline: Fidan Isayeva

Read 76 times
POWERED BY ZEYNURBABAYEV