MOSCOW, January 17 - RIA News. OPEC reinstated its forecast for the oil demand growth rate in the world in 2018 and 2019, according to the organization’s January report. Namely, OPEC expects growth in demand in 2018 by 1.5 million barrels per day. Thus, the demand for oil in the world is expected to reach 98.78 million barrels per day, which corresponds to the December estimate.

OPEC has also kept its forecast for oil demand growth in the world in 2019 at the level of the previous estimate of 1.29 million barrels per day. Thus, the average annual demand for oil in 2019, according to OPEC expectations, will be 100.08 million barrels per day. "The demand will grow mainly due to the countries of Asia, led by India, then by China, as well as the states of North and South America," the report says.

The demand for OPEC oil in 2018, excluding Qatar, is estimated at 31.7 million barrels per day, which is by 1.2 million barrels per day lower than the level of 2017. In 2019, the demand for OPEC oil is projected at 30.8 million barrels per day, which is about 0.9 million barrels per day lower than the 2018 estimate.

OPEC and a number of non-member states (OPEC +) for the first time entered into an alliance to balance the oil market at the end of 2016 in Vienna, agreeing to reduce production by 1.8 million barrels per day from the October level of that year. The contract was valid in 2017–2018 and was mostly overfulfilled. In December 2018, the OPEC + countries concluded a new deal, which envisioned the reduction of production in the first half of 2019 by 1.2 million barrels per day, including Russia - by 228 thousand from the level of October 2018.