The Organization of Petroleum Exporting Countries, OPEC, has trimmed its previous forecast of world oil demand, its monthly report released on Wednesday, April 13 has shown.
The cartel on Wednesday predicted that global demand for its crude oil will be less than previously thought in 2016 as consumption slows down, increasing the excess supply on the market this year.
The monthly report from the OPEC lowered its forecast of world oil demand growth by 50,000 barrels per day (bpd) and said that further downward revisions could follow, according to Reuters report.
OPEC members pumped 32.25 million bpd in March, up about 15,000 bpd from February, the group said, citing secondary sources.The report pointed to a 790,000-bpd excess supply in 2016 if the group keeps pumping at March’s rate, up from 760,000 bpd implied in last month’s report.
