OPEC says it will have enough oil to supply on the market amid predictions for growing demand for black gold next year.
“Even if next year’s world economic growth turns out to be better than expected and crude oil demand outperforms expectations, OPEC will have sufficient supply to provide to the market,” OPEC said in its monthly report on Thursday.
The 12-member organization said world oil consumption this year is forecast to increase by 1.21 million barrels per day (bpd) from the year before.
OPEC said demand for its oil in 2015 is predicted to reach 29.37 million bpd.
OPEC’s June output stood at 29.7 million bpd, down 79,000 bpd from the previous month, due to political turmoil in Iraq which is a leading producer.
In its ministerial meeting in June, OPEC agreed to maintain its 30-million bpd oil output level. OPEC, which accounts for one third of the world’s oil production, has held its production ceiling at 30 million bpd since December 2011.
Oil prices kept falling on Thursday, trading below USD 102 a barrel as worries over Iraqi and Libyan supply disruptions have subsided.
In Libya, two oil export terminals are expected to open following agreements reached between the government and militias operating around major oil fields.
OPEC said in its report that a drop in oil prices would dampen the US oil production from shale reserves.
“Despite the anticipated strong growth from tight oil developments in 2015, a certain level of risk remains, mainly related to the current oil price, infrastructure and environmental issues,” it said.