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OPEC monthly report forecasts fall in non-OPEC output, slowing 2016 global demand growth

OPEC have released their monthly report, stating non-OPEC supply is forecasted to fall for the remainder of 2015 and 2016, as the US is expected to reduce output on the back of continued low energy prices. Non-OPEC supply YoY growth for 2015 has fallen 0.16Mbbl/d to 0.72Mbbl/d after a downward revision on US output. 2016 non-OPEC supply is expected to reach 57.11Mbbl/d, down 0.13Mbbl/d on predicted 2015 levels. OPEC NGL production is expected to hike up 0.17Mbbl/d to 6.18Mbbl/d in 2016, and 2015 forecasts have been increase 0.19Mbbl/d to 6.01Mbbl/d. September global oil supply fell 0.34Mbbl/d MoM, averaging at 94.16Mbbl/d.

World oil demand growth was adjusted higher for 2015, now sitting at 1.5Mbbl/d with total global consumption expected to reach 92.86Mbbl/d. World oil demand growth for 2016 was downgraded to reflect the increase in 2015 forecasts. 2016 world oil demand growth is expected to reach 1.25Mbbl/d, with total consumption increasing to 94.11Mbbl/d. OECD oil stocks rose to reach 2,933Mbbl in August, sitting roughly 194Mbbl higher than the five year average.

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