OPEC trims 2016 oil demand growth, says its output rises slightly
KOGALYM, Russia – OPEC on Wednesday predicted global demand for its crude oil will be less than previously thought in 2016 as consumption slows down, increasing the excess supply on the market this year.
The monthly report from the Organization of the Petroleum Exporting Countries lowered its forecast of world oil demand growth by 50,000 barrels per day (bpd) and said further downward revisions could follow.
OPEC pumped 32.25 million bpd in March, the group said citing secondary sources, up about 15,000 bpd from February.
The report points to a 790,000-bpd excess supply in 2016 if the group keeps pumping at March’s rate, up from 760,000 bpd implied in last month’s report. –Reuters