The Organization of the Petroleum Exporting Countries (OPEC) increased the forecast for global oil demand in 2016 by 10,000 barrels per day, according to the September report of the organization.

According to the new forecast, oil demand in 2016 will grow against the 2015 figure by 1.23 mln barrels per day to 94.27 mln barrels per day.

In addition, OPEC’s forecast for oil demand in 2017 was increased by 10,000 barrels per day to the level of 95.42 mln barrels per day, which is 1.15 mln barrels higher than a year earlier.

OPEC lowered its forecast for growth of oil demand in the countries of the organization in 2016 to 200,000 barrels per day in comparison with the August report. Thus, OPEC expects growth of its oil demand in 2016 by 1.7 mln barrels per day compared with 2015 to 31.7 mln barrels.

Oil production forecast for countries outside the organization in 2016 was increased by 190,000 barrels per day against the August estimates. At the same time, OPEC experts expect to see decline of the figure in 2016 of 0.61 barrels per day to 56.32 mln barrels per day against the August forecast at the level of 56.13 mln barrels per day.

The oil production outlook for countries outside of OPEC in 2017 was also increased in September by 540,000 barrels per day against the August forecast. Currently, in 2017 OPEC expects growth of the figure of 200,000 barrels per day compared with 2016 to 56.52 mln barrels per day.