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Global demand for OPEC oil will rise in 2016: OPEC

by ChemOrbis Editorial Team -
  • 13/07/2015 (16:58)
According to media reports, the Organization of Petroleum Exporting Countries (OPEC) reported in its monthly market report that global demand for its crude will rise in 2016 compared with this year owing to lower production from rivals such as US shale oil producers. According to OPEC, growth momentum in the global economy, especially in emerging markets, would contribute to oil demand growth in the next year.

OPEC expects global oil demand for its members’ output will increase by 900,000 barrels per day (bpd) to reach around 30.1 million bpd. Global oil demand, meanwhile, will rise to 1.34 million bpd from 1.28 million bpd in 2015 because of stronger demand from emerging countries.

In June, OPEC members produced a three-year high of 31.378 million barrels of oil per day, according to the report. Among OPEC member states, Saudi Arabia, the world’s biggest oil exporter, increased its oil production to record high of 10.564 million bpd in June. OPEC also stated that supply growth outside the organization will slow to 300,000 bpd in 2016 from 860,000 bpd this year.
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