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OPEC announces its forecasts for 2016

10 February 2016 14:32 (UTC +04:00)

According to the latest monthly report from the group, whose de facto leader is Saudi Arabia, non-OPEC oil supply is forecast to decline by 700,000 barrels a day (b/d) in 2016 - 40,000 b/d less than the cartel's January report.

OPEC said on Wednesday that it expected world oil demand to grow by 1.25 mb/d in 2016 to average 94.21 mb/d.

“In 2016, demand for OPEC crude is expected at 31.6 mb/d, a gain of 1.8 mb/d, higher than last year," OPEC noted, adding more detail on where it expected demand to come from.

OPEC forecast that its own supply had increased in January, with crude production up 131,000 barrels a day to average 32.33 mb/d, according to secondary sources, above its official output ceiling of 30 mb/d.