OPEC cuts 2016 world oil demand growth forecast by 50,000 barrels/day

April 14, 2016 3:28 am 

VIENNA, April 13 — The Organization of the Petroleum Exporting Countries (OPEC) slashed by 50,000 barrels a day to 1.2 million barrels per day its 2016 world oil demand growth forecast, the organization’s April report said.

"For 2016, global oil demand growth is anticipated to be around 1.20 mb/d, representing a minor downward revision of 50 tb/d from previous expectations, mainly reflecting the slower economic momentum in Latin America," OPEC said.

In 2015, oil demand totaled to 92.98 million barrels per day, up by 1.54 million barrels a day compared to a year earlier.

Non-OPEC supply growth in 2015 has been revised up by 1.46 mb/d to average at 57.13 mb/d, according to the report.

At the same time, the organization worsened its forecast for oil production by non-OPEC countries by 30,000 barrels a day. OPEC expects the decline in oil production by 730,000 barrels a day to 56.39 mb/d.

According to the report, demand for OPEC crude in 2015 is estimated at 29.7 mb/d, unchanged from the previous month and 0.1 mb/d lower than the year before.

In 2016, demand for OPEC crude is projected at 31.5 mb/d, broadly unchanged from the previous report and 1.8 mb/d higher than last year. (PNA/TASS)

JSV/RSM

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