MARKETS AND NEWS Linkups: Oil News Brief/Roundup 22nd March;– The price of OPEC basket of thirteen crudes stood at $36.27 a barrel on Monday,21st according to OPEC Secretariat calculations.

OPEC said in its latest report that it still expected supply from outside the group to fall by 700,000 barrels per day, bpd, this year. But it revised up the absolute level of non-OPEC supply in 2015 and 2016, and said producer efforts to maintain output made its 2016 forecast more uncertain. “There has been a reduction in production costs, mainly in the U.S., as well as increased hedging, with producers choosing to produce with losses rather than stopping production,” OPEC said.

“This has caused the non-OPEC supply forecast in 2016 to become more uncertain.”

As a result, OPEC now expects the global demand for its crude to average 31.52 million bpd in 2016, down 90,000 bpd from last month’s forecast. The group pumped 32.28 million bpd in February the report said, citing secondary sources down about 175,000 bpd from January, mainly due to outages in Iraq and Nigeria.
The IEA maintained its forecast for global oil demand growth for 1.2 million barrels a day (mb/d) in 2016, unchanged from last month. It said there had been a “sharp deceleration in demand growth in the three months to March, particularly in the US and China.
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