OPEC sees de­mand for its crude fall­ing to 2016

The Pak Banker - - Front Page -

PARIS

De­mand for OPEC's crude will de­cline through to 2016 be­cause of the weak­en­ing eco­nomic out­look and grow­ing re­liance on com­pet­ing sources such as U.S. shale oil de­posits and nat­u­ral gas liq­uids.

Global need for fuel from the Or­ga­ni­za­tion of Pe­tro­leum Ex­port­ing Coun­tries will shrink to 29.7 mil­lion bar­rels a day in 2016, 1.4 mil­lion less than this year, the group said to­day in its an­nual World Oil Out­look. The es­ti­mate for 2015 is 1.6 mil­lion bar­rels lower than that fore­cast in last year's re­port.

Brent crude fu­tures have tum­bled 16 per­cent from this year's peak, trad­ing at about $107.50 a bar­rel to­day, amid con­cern that Europe's fail­ure to re­solve its debt tur­moil is hin­der­ing the world econ­omy.

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