DUBAI (Nov 8): OPEC raised its forecast for global oil demand next year and through the end of the decade, anticipating that cheaper crude will spur consumption even as economic growth slows. Demand will reach 95.3 million barrels a day in 2017, according to the producer group’s annual World Oil Outlook report released Tuesday. OPEC cut its estimates for crude prices by US$20 a barrel for each year from 2016 to 2020, compared with its previous outlook. Oil consumption in developing nations will continue to rise, however, driving overall demand growth until at least 2040, it said. The group reduced its growth forecasts for oil demand in Latin America and China.

Source: The Edge Markets November 08, 2016 09:08 UTC