According to the OPEC, global oil demand increased by 0.95 mb/d in 2014, raising total oil demand to 91.15 mb/d. OECD still accounted for half of oil demand (45.7 mb/d), despite a slight decrease (-0.6% compared to 2013) due to a 1.5% drop in oil demand from OECD demand. China's oil demand increased by 3.8% on average in 2014, to 10.4 mb/d (11% of global demand), while India's demand rose by 2.2% to 3.8 mb/d. Global demand is expected to increase by 1.15 mb/d in 2015, reaching 92.3 mb/d; demand is expected to rise by 3% in India and China.
Where production is concerned, non-OPEC oil supply rose by 1.98 mb/d in 2014 to 56.2 mb/d and should continue to grow by 1.28 mb/d in 2015, reaching 57.5 mb/d. In 2014, oil production soared in North America (it increased in Latin America, Africa and CIS), while falling in the Middle East: the US oil production increased by 1.63 mb/d, to 19.8 mb/d (35% of the global non-OPEC supply, from 33% in 2013).
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.