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OPEC: Oil oversupply to lessen in H2 2016

by ChemOrbis Editorial Team -
  • 13/06/2016 (17:43)
According to media reports, the Organization of Petroleum Exporting Countries (OPEC) stated in its monthly report that the global oil glut will shrink in the second half of this year in line with lower output from Nigeria and Canada.

The cartel expects demand for their oil to rise to an average of 32.52 million barrels of oil per day (bpd) in the second half of this year due to seasonal factors and lower supply expectations from non-OPEC countries. For world oil demand this year, the group forecast to see an increase of 1.2 million bpd to 94.18 million bpd this year.

According to OPEC, non-OPEC production will fall by 740,000 bpd from 2015 to 56.4 million bpd this year while US crude production will fall by 420,000 bpd this year from 2015 to 13.57 million bpd.

OPEC also stated in a report that the cartel’s oil production fell 100,000 bpd to 32.36 million bpd in May because of lower output from Nigeria.
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