OPEC Stands Pat On 2016 Global Oil Demand Estimate

By Myra P. SaefongMarketWatch Pulse

The Organization of the Petroleum Exporting Countries left its estimate on global oil demand growth for this year unchanged. World oil demand is expected to rise by 1.25 million barrels a day in 2016 to average 94.23 million barrels a day, according to OPEC's monthly oil report issued Monday. OPEC also left its non-OPEC oil supply forecast for this year unchanged from its previous report, predicting a fall of 0.7 million barrels a day to an average of 56.39 million barrels a day. OPEC crude output, meanwhile, edged down by 175,000 barrels a day to average 32.28 million barrels a day in February, though output increased from Iran, Saudi Arabia and Kuwait, OPEC said, citing secondary sources. April oil continued to trade lower, down $1.60, or 4.2%, at $36.90 a barrel on the New York Mercantile Exchange.

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