OPEC Reference Basket rose 2 percent in April to average $51.34 per barrel: report

VIENNA — The OPEC Reference Basket rose 2 percent in April, to an average $51.34 per barrel as crude oil futures recovered due to high compliance by OPEC and non-OPEC oil producers, with voluntary production adjustments and expectations for an extension to year-end. However, upward potential was seen as limited by a resurgence in oil output, particularly in the United States, according to the OPEC Monthly Oil Market Report.

“World oil demand in 2016 was revised higher by 65 tb/d to reflect the most recent data. Total world oil demand growth for 2016 stood at 1.44 mb/d to average 95.12 mb/d. For 2017, oil demand growth is anticipated to be some 1.27 mb/d unchanged from the previous report, with total oil demand expected at 96.38 mb/d. Non-OECD will continue to lead growth at 1.04 mb/d, while OECD continues to grow, albeit at a reduced pace of 0.23 mb/d,” according to the report.

Demand for OPEC crude in 2016 stood at 31.8 mb/d, which is 2.0 mb/d higher than in the previous year. In 2017, demand for OPEC crude was projected at 31.9 mb/d, some 0.2 mb/d higher than in the current year.

Source: Emirates News Agency