OPEC scales back oil forecast

OPEC has cut its oil production forecasts for nations such as the U.S. that are not members of the cartel.

The group on Monday lowered its forecast for daily oil supply growth this year from nonmember states by 72,000 barrels a day to 880,000 due to lower than expected output in the U.S. For next year, it trimmed its forecast by 110,000 barrels, predicting daily growth of 160,000 barrels.

The cartel also increased its forecast for global demand growth this year by around 84,000 barrels a day to 1.46 million, and by 50,000 barrels to 1.29 million for next year.

The U.S. benchmark for oil fell 14 cents to $44.49 a barrel Monday.