The Organization of the Petroleum Exporting Countries (OPEC) has revised its forecast for oil demand in 2016, predicting an increase in demand of 40,000 barrels per day, to reach 94.21 million barrels a day, the Monthly Oil Market Report, released on Wednesday, shows.
MOSCOW (Sputnik) – In 2015, as predicted by the organization, oil demand grew by 1.54 million barrels per day, amounting to 92.96 million barrels compared to 92.92 million barrels per day in the previous forecast. Therefore, growth in demand for oil in the current year could average 1.25 million barrels per day.
Oil supplies from non-OPEC countries in 2015 increased by 1.32 million barrels per day — up to 56.99 million barrels per day. This was a rise of 0.12 million barrels a day compared to the January forecast.
According to preliminary data, the total volume of global oil production in January increased by an average of 0.03 million barrels per day compared to the previous month — reaching 95.64 million barrels per day. While production in non-OPEC countries decreased by 0.1 million barrels per day, the output of OPEC countries, on the contrary, increasing by 0.13 million barrels per day.
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