The Organization of Petroleum Exporting Countries (OPEC) forecasted the growth of the global demand for raw materials in the future 2017 by 1.12 million barrels per day (b / d) compared with this year – to 95.3 million b / d, according to the cartel review revealed every month.
At the same time, the OPEC expressed the expectations that the excessive supply of raw materials will leave the market in the coming year due to the decline of the production outside the cartel.
Oil production outside the OPEC may fall by 100 thousand b / d -. to 55.9 million b / d next year. The growth of the oil production is expected in Brazil and Canada. Mexico, the USA and Norway can show the decrease in the production.
The demand for the OPEC oil cartel can rise by 1.1 million b / d – up to 33 million b / d next year.
In June the OPEC members extracted 32.86 million b / d, that is 264 thousand b / d higher than in the previous month. At the same time, the oil production in the Kingdom of Saudi Arabia in June jumped by 280 thousand b / d -. to 10.55 million b / d, which is close to the highest level that was recorded a year ago.