OPEC Upgrades 2016 Global Oil Demand Outlook by 30,000 bpd

Vienna — The Organization of Petroleum Exporting Countries increased the global oil demand outlook by 30,000 barrels a day, the OPEC said in the Monthly Oil Market Report released on Wednesday. World oil demand growth in 2016 is expected to average 1.22 million barrels per day, some 30,000 barrels/day higher than last month, the OPEC said.

The OPEC also raised the oil demand outlook for 2017 by 90,000 barrels daily to 95.41 million barrels per day (up 1.15 million barrels daily).

Non-OPEC oil supply is expected to contract by 0.79 million barrels daily in 2016, following an upward revision of 90,000 barrels per day since the previous report, driven by higher-than-expected output in the second quarter of 2016 in the US and UK, the OPEC said. In 2017, non-OPEC supply is expected to decline by 0.15 million barrels daily, following a downward revision of 40,000 barrels a day.

Demand for OPEC crude in 2016 is estimated at 31.9 million barrels per day just as in the July report and is 1.9 million barrels daily higher than in the previous year, OPEC experts said. In 2017, demand for OPEC crude is forecast at 33.0 million barrels daily, in line with the previous report and 1.2 mln barrels a day higher than in 2016, the OPEC reported. (PNA/TASS) RMA/RSM