Vienna, Demand for OPEC crude next year will be slightly higher than the supply OPEC has pledged, and together with the promised non-OPEC cuts, this is expected to speed up the drawdown of global stockpiles and bring forward the rebalancing of the oil market to the second half of 2017, OPEC said in its Monthly Oil Market Report.
OPEC said price for its reference basket fell to $43.22 a barrel (down 10%) last month.
Global demand growth for 2016 increased by 10,000 barrels a day to 1.24 million, or a daily average of 94.41 million barrels. The cartel's projected demand growth for 2017 remained unchanged at 1.15 million barrels a day to average 95.56 million barrels.
It increased its estimate of non-OPEC production for 2017, forecasting non-OPEC supply will rise by 70,000 barrels a day and average 56.5 million barrels a day for the year.
It said OPEC production in November, as reported by secondary sources, rose by 150,000 barrels a day to a daily average of 33.87 million.
OPEC also reiterated its estimate of 2016 demand for OPEC crude of 31.9 million barrels a day in the November report. The cartel now forecasts the demand for OPEC crude at 32.6 million barrels a day in 2017, down by 100,000 barrels since the October report.
Source: Qatar News Agency