2005 - OPEC

Figure 2: OPEC 1 and non-OPEC 2 supply 1990–2005
Notes:
1. Including OPEC NGLs.
2. Including non-OPEC processing gains.
World oil demand
World oil demand grew by 990,000 b/d, or 1.2 per cent, to 83.27 mb/d in 2005. On a
quarterly basis, world oil demand rose by almost 2.02 mb/d, slightly below 2.5 per cent in
the first quarter. In the second quarter this slowed to 1.21 mb/d, or approximately 1.5 per
cent, in the third quarter growth fell further and in the fourth quarter there was a decline of
70,000 b/d or 0.07 per cent. In fact, world oil demand proved to be much slower than predic-
tions made earlier in the year, when a preliminary 2005 forecast highlighted much optimism
for growth, partly influenced by the striking oil demand growth witnessed in 2004. This early
forecast anticipated growth of 1.67 mb/d.
The estimate was drawn on the basis of world economic growth of 4.3 per cent, a return to
normal weather conditions, and robust, yet more moderate consumption growth in China and
the United States (US).
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