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OPEC Lifts 2016 OECD Growth Forecast to 1.7% Due to US, Japan Performance

Sputnik International

The Organization of the Petroleum Exporting Countries (OPEC) has revised upwards its 2016 forecast for the Organisation for Economic Co-operation and... 14.12.2016, Sputnik International

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2022-08-06T11:26+0000

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OPEC Lifts 2016 OECD Growth Forecast to 1.7% Due to US, Japan Performance

11:56 GMT 14.12.2016 (Updated: 11:26 GMT 06.08.2022)

OECD Conference Centre main entrance. Paris, France - Sputnik International

The Organization of the Petroleum Exporting Countries (OPEC) has revised upwards its 2016 forecast for the Organisation for Economic Co-operation and Development (OECD) growth from 1.6 to 1.7 percent due to GDP growth in the United States and Japan in the third quarter of the year, according to the cartel’s monthly report published Wednesday.

Khaled al Otaiby, an official of the Saudi oil company Aramco watches progress at a rig at the al-Howta oil field. - Sputnik International

Demand for OPEC-Produced Oil to Top Supply in 2017 With 32.6Mln Barrels Daily

14 December 2016, 12:08 GMT

MOSCOW (Sputnik) — The figures were positively affected by ongoing solid private household consumption, growing exports and private investment, according to the organization.

"Better-than-expected 3Q16 GDP growth in the US and Japan lifted the 2016 OECD growth forecast from 1.6% to 1.7% – which is the same level as the unchanged forecast for 2017 growth," the December report reads.