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Global demand growth for 2016 remained unchanged from last month's report at around 1.25 million barrels per day, or a daily average of 94.23 million barrels. In 2015, demand growth averaged 1.54 million barrels a day for a daily average of 92.98 million barrels, Yahoo! Finance reported with reference to 24/7 Wall St.
The cartel revised its estimate of non-OPEC supply growth for 2015 up by 100,000 barrels a day to 1.42 million barrels, or a daily average of 57.09 million barrels. For 2016 OPEC forecasts non-OPEC supply will drop by 700,000 barrels a day and average 56.39 million barrels a day for the year. The cartel said OPEC production in February, as reported by secondary sources, fell by 175,000 barrels a day to a daily average of 32.28 million barrels.
Demand for OPEC crude in 2015 was revised downward by 100,000 barrels a day to 29.7 million barrels. The cartel also lowered its estimate of 2016 demand for OPEC crude by 100,000 barrels a day to a new average of 31.5 million barrels a day.................