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OPEC lowers 2016 oil demand forecast

by ChemOrbis Editorial Team -
  • 15/03/2016 (10:46)
According to media reports, the Organization of Petroleum Exporting Countries (OPEC) reported in its monthly report that global demand for OPEC crude will decline to around 31.52 million barrels of oil per day (bpd) in 2016, down about 100,000 bpd from its earlier estimate in January. This represents an increase of 1.8 million bpd from the previous year.

According to OPEC, non-OPEC oil supply will decline by 700,000 barrels a day this year, unchanged from its earlier predictions. Previously, the IEA had reported that oil production from non-OPEC members will fall by 750,000 bpd in 2016, up from its earlier estimate of 600,000 bpd. The agency also said that the US oil output would decline by 530,000 bpd this year.

In its report, OPEC also said that its oil output declined around 175,000 bpd to 32.28 million bpd in February due to lower production in Iraq, Nigeria and the United Arab Emirates. Saudi Arabia’s oil production mostly remained steady at 10.22 million bpd, which indicated the country’s positive stance towards a proposed output freeze agreed with Qatar, Venezuela, Kuwait and Russia.

However, Iran raised its oil production by 187,800 bpd to 3.132 million bpd in February, according to secondary sources.
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