OPEC sees demand for its crude falling to 2016
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.