"World oil demand growth in 2015 was revised 0.1mb/d higher from the previous month’s report to stand at 1.28mb/d, leading to total consumption of 92.61mb/d… 1.34mb/d of oil demand growth is forecast for next year [2016] with total oil consumption reaching 93.94mb/d," the report reads.
OPEC named the expected improvement in global economic activities in 2016 as the main reason behind the future increase in oil consumption.
"OECD demand is expected to register positive growth of 0.18 mb/d, while non-OECD consumption is projected to grow by 1.16mb/d," the report said.
Regarding the world oil supply, the report cited secondary sources stating that in June OPEC production increased by 283 tb/d to some 31.38 mb/d.
Earlier in July, the International Energy Agency (IEA) said in its Oil Market Report that it predicts a drop in 2016 global oil demand gowth to 1.2 million barrels per day in, which will cause prices to drop.
