Expected growth in global oil consumption for this year is pegged at 900,000 bpd by the Organization of the Petroleum Exporting Countries, according to their Monthly Oil Market Report for May released on May 10, which is unchanged with its outlook from month prior.
“Given the stabilization of the US economy and the shutdown of Japanese nuclear power plants, world oil demand growth has – at least for the short-term – stopped its declining trend and is showing some growth,” said OPEC in its monthly report.
