OPEC cuts 2016 global oil demand growth forecasts

OPEC, via its monthly report, revised 2016 global oil demand growth forecasts to 1.25 billion barrels per day (bpd) from the previous estimate of 1.26 billion bpd.

Key Points

Forecasts 2016 demand for its crude oil 31.61 mln bpd vs 31.65 mln previous

Oil market surplus in 2016 will increase to 720k bpd from 530k implied last month

Non-OPEC 2016 supply will contract by 700k bpd due to low oil prices

Saudi Arabia raised output in Jan to 10.23 mln bpd vs 10.14 mln in Dec