OPEC expects the supply-and-demand see-saw in the playground that is the global oil market to be more evenly balanced next year as China and the developing world consume more oil and the growth of North American supply slows, reported Reuters. In its July monthly oil market report, OPEC says world oil demand should increase by 1.34 million bbls/d in 2016, up from a growth of 1.28 million bbls/d this year. In comparison, supply from non-OPEC producers is expected to increase by only 300,000 bbls/d in 2016, a substantial slide from the 860,000-bbl/d growth seen this year.
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