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OPEC sees higher oil demand, non-OPEC supply drops

FXStreet (Mumbai) - In its monthly report published on Monday, the Organization of Petroleum Exporting Countries (OPEC) sees Non-OPEC supply to fall further in 2016 while the global http://www.fxstreet.com/rates-charts/indexes-commodities-charts/demand is anticipated to rise next year.

According to the report, total oil demand is now forecast at 92.86 mb/d this year and in 2016, demand is predicted to rise to 94.11mb/d. Its forecasts were "mostly due to better-than-expected data in the third quarter of 2015."

While the demand for OPEC crude in 2015 is estimated to stand at 29.6 mb/d, 0.3 mb/d higher than the previous report and 0.6 mb/d above the previous year's level. In 2016, demand for OPEC crude is forecast at 30.8 mb/d, a rise of 0.5 mb/d over the previous report and around 1.2 mb/d higher than the current year, the report noted.

The report stated, "For 2016, non-OPEC oil supply is expected to show a clear contraction of 0.13 mb/d, following a downward revision of 0.29 mb/d compared to the previous assessment."

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