International demand for oil is anticipated to rise by roughly 1.21 million barrels per day (bpd) by 2015, as the International Monetary Fund (IMF) expects global economy by grow by 3.4 percent in 2014, according to an economic report.
World economic growth is predicted to hit 4 percent, but geopolitical factors should be taken into consideration in order to maintain this rise, showed the report compiled by the Diplomatic Center for Strategic Studies.
Global demand for oil shot up by around two million bpd on an annual basis in the second quarter of 2014, buoyed by rising demand in Asian countries, mainly China and India, the report issued here on Monday said.
Demand for oil at American markets made up 26.6 percent of the total world demand in 2013 and 2014, it said, noting that it could go up to 24.13 million bpd in 2014 compared to 23.96 million bpd in 2013, a rise of 0.07 percent.
But, it expected demand for oil to fall by 1.5 percent in Asia Pacific on an annual basis against 7.68 million bpd in the second quarter of 2014.
In Europe, which constitutes 17 percent of the total global demand, oil sales are anticipated to dwindle by 1.3 percent compared to 2013, the report indicated.
US oil consumption edged up to 18.7 million bpd in April 2014, an increase of 0.7 percent over the same month in 2013, and up to 18.8 million bpd in May 2014, it said, expecting it to even increase to 19.1 million bpd by 2015.
Oil consumption in China remained at 10.1 million bpd in May 2014, an annual rise of 1.9 percent, the report pointed out.