OPEC reduced forecasts for 2016 global economic growth

Market news

12 July 2016

OPEC reduced forecasts for 2016 global economic growth

- global growth: 3% (3.1% previous estimate).

- Brexit is a cause of uncertainty.

- oil demand to rise by 1.15m bpd in 2017.

- 2016 world oil demand growth forecast unchanged at 1.19m bpd.

- expects demand for crude oil to average 32.98m bpd in 2017 (31.86m bpd in 2016).

- non-OPEC supply is expected to fall by 110k bpd in 2017.

- oil market conditions will help to remove excess oil stocks in 2017.

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