Global demand for OPEC’s crude oil will rise in the next three years, the group forecast, suggesting its 2014 decision to let prices fall to curb costlier rival supplies such as U.S. shale is delivering higher market share.
The Organization of the Petroleum Exporting Countries, which in 2014 refused to cut supply despite a glut, said in its 2016 World Oil Outlook that demand for its crude would reach 33.70 million barrels per day in 2019, up 1 million bpd from 2016.
The report shows that the market outlook for the next few years – from OPEC’s point of view as the supplier of a third of the world’s oil – has improved. In the 2015 edition, demand for OPEC crude was expected to fall to 30.70 million bpd by 2020.
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