OPEC cuts oil production forecast
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LONDON – OPEC cut its oil production forecasts for states like the United States that are not members of the cartel.
The group said Monday it lowered its forecast for daily oil supply growth this year from nonmember states by 72,000 barrels a day to 880,000 because of lower than expected output in the U.S. For next year, it trimmed its forecast by 110,000 barrels to 160,000.
The cartel also increased its forecast for global demand growth this year by around 84,000 barrels a day to 1.46 million, and by 50,000 barrels to 1.29 million for next year.
The price of oil fell this year amid strong supply and weaker demand from energy-hungry economies like China.
The U.S. benchmark for oil fell 14 cents to $44.49 a barrel Monday.