[size=30]OPEC cut its forecast for oil demand growth[/size]
19/05/2016 02:30 | Number of Views: 69 font size:
Organization of Petroleum Exporting Countries predicted (OPEC) reduced global demand for crude from the production below the level of the previous forecast in 2016 in a slowing consumption, increasing the surplus in supply in the market this year. And cut its monthly report its forecast for growth of global oil demand by 50 thousand barrels per day to 1.2 million barrels per day because of the weak economy in China, Latin America and said that further downward adjustments may come later if current trends continued.
The OPEC lowered its forecast for demand for its crude in 2016 to 31.46 million barrels per day compared to 31.52 million barrels per day in the previous estimates. The organization said, citing secondary sources, OPEC pumped 32.25 million bpd in March, an increase of 15 thousand barrels per day from February. The report points to a surplus in supply of 790 thousand barrels per day in 2016 if the organization is pumping rates in March compared with the same 760 thousand barrels per day, has been identified from a report last month. The organization predicted decline in supplies from the outside by 730 thousand barrels per day in 2016 compared to decline of 700 thousand barrels per day in the previous estimates.
OPEC also noted that Saudi Arabia told her that it pumped 10.22 million bpd in March, little changed from February. The organization said in its report for the month of April, oil prices have risen by more than 20% in March, continuing its slow recovery after the collapse of prices between 2014 and 2015. jh