Opec sees rising demand

The global oil market should be more balanced next year as China and the developing world increase oil consumption while supply of shale oil from north America and other regions grows more slowly, Opec said yesterday.

In its monthly report, the Organisation of the Petroleum Exporting Countries said that it expected world oil demand to increase by 1.34m barrels per day in 2016, up from growth of 1.28m barrels this year.

World oil demand growth should outpace any increase in oil supply from non-Opec sources and ultra-light oils such as condensate, increasing consumption of Opec crude oil, it said.