On Monday the Organization of the Petroleum Exporting Countries trimmed 2015 demand forecast for its oil.
In
its monthly oil-market report, the cartel lowered its
projection for this year by about 100,000 barrels a day, to 29.2 million a
day. That’s more than 2 million a day less than the group’s 12 members
pumped last month.
OPEC lifted its prediction of oil demand growth in 2015 to 1.28 million barrels a day and estimated that global oil consumption would grow at higher rate in 2016, led by growth in Organization for Economic Cooperation and Development countries.
The body, which produces about a third of the world’s crude, said its total production rose in June by 283,000 barrels a day compared with May, to 31.38 million barrels, spurred mainly by higher output from Iraq, Nigeria and Saudi Arabia.
Saudi Arabia, which is the largest oil exporter in the world, told the cartel it produced 10.564 million barrels a day in June - up from 10.333 million barrels a day in May.
