OPEC revises up forecasts for 2016 world oil demand

The forecast was revised upward following better-than-expected data from European members of the Organization for Economic Co-operation and Development (OECD).

"OECD will contribute some 0.15 mb/d to oil demand growth in 2017, while non-OECD will contribute the bulk of growth with 1.00 mb/d,” said the report.

In its previous report, the cartel predicted the world oil demand at 94.40 million barrels per day in 2016.

In 2017, world oil demand growth is forecast at 1.15 mb/d to average 95.56 mb/d, according to the report.

Moreover, Non-OPEC oil supply growth in 2017 was revised up by 70,000 barrels per day to now stand at 0.30 mb/d, following a contraction of 0.78 mb/d in 2016, according to OPEC.

The cartel expects non-OPEC supply to average 56.50 mb/d in 2017.