The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report on Monday. OPEC expects the oil demand for its crude to be average 30.31 million barrels per day (bpd) next year, up 190,000 bpd from last month.

"Despite moderate economic growth, recent data shows better-than-expected oil-demand in the main consuming countries. At the same time, U.S. oil production has shown signs of slowing. This could contribute to a reduction in the imbalance of oil market fundamentals, however, it remains to be seen to what extent this can be achieved in the months to come," OPEC said.

OPEC expects that non-OPEC members will rise their output by 160,000 bpd next year, down 110,000 bpd from last month, while U.S. shale oil production was downgraded by 100,000 bpd.

Global oil demand growth is expected to be 1.29 million bpd in 2016, down 50,000 bpd from last month.