Opec upbeat despite oil dip

Opec yesterday predicted that the global oil market will be more balanced in the second half of this year as demand rises and rival supplies falter, echoing views expressed by ministers at the group’s meeting earlier this month.

The Organisation of Petroleum Exporting Countries (Opec) kept estimates for world supply and demand in 2016 unchanged in its monthly market report.

Disruptions in Nigeria reduced the group’s output to 32.36m barrels a day last month, a little below the 32.6m average required to satisfy estimated demand in the second half of the year.