In 2017, world oil demand is projected to grow at similar rate to 2016, increasing by 1.2 million barrels per day – to average around 95.33 million barrels per day, according to the report.
Non-OECD (Organization for Economic Cooperation and Development) countries are set to continue leading oil demand growth with 1.1 million barrels per day in total demand, while OECD countries are anticipated to see a demand increase of 0.1 million barrels per day, says the report.
The progress of economic development in major economies around the globe is the key risk factor affecting world oil demand projections for 2017, according to MOMR.
In 2015, global oil demand rose by 1.54 million barrels per day – to 92.98 million barrels per day, according to OPEC.
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