Organization of the Petroleum Exporting Countries improved its forecast for the global oil demand in 2015 to 92.6 million barrels per day from 92.5 million bpd.
The global oil demand increased by 1.28 million bpd, revised data showed. Black gold demand is expected to grow by 1.34 million bpd to 93.94 million bpd in 2016, OPEC’s report reads.
Countries not belonging to OPEC will strive to raise oil deliveries to the market in the future. The plan is to increase the exported volume by 300,000 bpd. Meanwhile, OPEC member countries intend to increase shipments only by 170 million bpd.
The cartel plans to raise deliveries by 190 million this year. In June, crude production grew by 283,000 bpd to 31.38 million bpd.
Next year, oil demand from the OPEC countries will rise to 30.1 million bpd from 29.3 million bpd forecasted in 2015.
According to the International Energy Agency, crude prices will most likely fall due to a glut of oil on the global market before there is demand growth caused by a drop in output beyond OPEC.
