Opec sees demand rising in 2016 as rival output slows

Opec yesterday predicted higher demand for its crude oil next year, sticking to its view that a strategy of letting prices fall will curb supply from the US and other rival producers.

The monthly report from the Organisation of the Petroleum Exporting Countries (Opec), however, trimmed its estimate for 2016 global oil demand growth and predicted a less dramatic slowdown in non-Opecsupply than the International Energy Agency.

Opec said it expected demand for its crude next year to average 30.31m barrels per day, up 190,000 barrels per day from last month, despite slower demand growth overall due to a weaker outlook for Latin America and China.