OPEC: LOWER DEMAND
The Organization of the Petroleum Exporting Countries said Monday it revised down the demand for its crude this year, to a level far below its current output, despite higher estimates for global consumption.
In its closely watched monthly oil-market report, OPEC lowered its projection for 2015 by about 100,000 barrels a day, to 29.2 million a day. That is more than 2 million a day less than the group's 12 members pumped last month.
OPEC raised its forecast for oil demand growth in 2015 to 1.28 million barrels a day and projected that global oil consumption would grow at higher rate next year, led by growth in Organization for Economic Cooperation and Development countries.
The group, which pumps about a third of the world's crude, said its total production rose in June by 283,000 barrels a day compared with May, to 31.38 million barrels, driven mainly by higher output from Iraq, Nigeria and Saudi Arabia.
Saudi Arabia, the world's largest oil exporter, told the cartel it produced 10.564 million barrels a day last month, up from 10.333 million barrels a day in May.
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