OPEC oil production to drop.
Oil cartel OPEC lowers forecast supply excluding OPEC in 2016, leaving the global demand forecast for the year unchanged. Meanwhile OPEC oil drop. It is clear from the oil cartel’s latest monthly report presented today.
In 2016, demand is forecast to increase 1.20 million barrels per day and reach unaudited 94.18 million barrels per day . The level for 2015 is unaudited 92.98 million barrels per day. During the 2017 forecast of global oil demand to increase by 1.15 million barrels per day to 95.33 million barrels per day.
2016 predicted a decline to supply outside Opec to downward revisions to 56.03 million barrels per day ( former 56.40000000 barrels), revised down from a level of 56.91 million barrels per day in 2015 (57.14). During 2017 is predicted to reduce supply by 0.11 million barrels per day to 55.92 million barrels per day.
The demand for OPEC oil (Call on OPEC) is expected to be 31.9 million barrels per day on average in 2016, which is higher than the forecast of 31.5 million in the last monthly report. The level of demand on the oil cartel in 2015 30.0 million barrels per day, an upward revision from the 29.7 million.
OPEC crude oil production fell, according to secondary sources, with 264,000 barrels per day to 32.86 million barrels in June.
the global supply of oil increased by 0.40 million barrels per day to 94.33 million barrels per day in June, according to preliminary statistics.
Statistics show that OECD total oil stocks fell slightly in May to 3.063 billion barrels. Inventory levels were 329 million barrels above the five year average.
OPEC’s forecast for global GDP growth in 2016 is now +3.0 percent. There is a downward revision from the previous forecast was +3.1 percent.
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