Higher demand for OPEC’s crude oil has been predicted next year by the organisation.
A report from OPEC reaffirms the organisations view that the global crude surplus will reduce and the shale boom in the US will subside as a result of crude prices falling.
The report, which details stock movement in key hubs as well as the balance of supply and demand in key international areas, states that the slower economic growth trend from China would also contribute to a slower oil demand growth globally next year.
Additionally, the report notes that US oil production is showing signs of slowing.
Expected demand for OPEC’s crude next year will average 30.31 million barrels per day despite the slower demand growth overall due to a weaker outlook for Latin America and China.
Oil supply from non-member countries is expected to increase by 160,000 barrels per day next year.
Looking ahead to 2016, OPEC expects world oil demand growth to slow to 1.29 million barrels per day.