OPEC cuts 2016 oil demand growth forecasts

OPEC, via its latest monthly report, revised its 2016 global oil demand growth forecasts by 50K barrels per day to 1.2 million barrel per day (bpd).

Key points

2016 oil market surplus will increase to 790k bpd from 760k implied last month

Further downward revisions to oil demand growth could follow should existing signs persist

Non-OPEC supply will fall by 730k bpd in 2016 vs 700k prev forecast