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Home NEWSLETTER OPEC Forecasts Lower Oil Prices in 2016

OPEC Forecasts Lower Oil Prices in 2016

Petroleum Industry Bill (PIB)
The Organization of Petroleum Exporting Countries, OPEC, has predicted low oil prices in 2016.
The cartel, in its latest report, indicated that world economic growth figures remain unchanged at 3.1per cent for the current year and 3.4per cent in 2016.

It also noted that with slightly stronger growth in the US and lowerthan- expected growth in Japan in 3Q15, the OECD growth forecast remains at 2.0per cent for 2015 and 2.1per cent for 2016.

The organisation disclosed that the 2016 growth forecast for China remains unchanged at 6.4per cent, following estimated growth of 6.8per cent this year.

It indicated that India is expected to grow by 7.6per cent in 2016, unchanged from the previous report, while the growth estimate for the current year has been revised down to 7.3per cent.

The organisation maintained that world oil demand is anticipated to increase by 1.53 mb/d this year, averaging around 92.88 mb/d.

It indicated that these projections are 30 tb/d higher than last month’s estimate, mainly as a result of better-thanexpected consumption in OECD Europe and Other Asia.

For 2016, global oil demand growth is expected to increase by around 1.25 mb/d, unchanged from the previous report, averaging 94.13 mb/d.

It disclosed that Non-OPEC oil supply is estimated to grow by 1.00 mb/d in 2015 to average 57.51 mb/d.



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