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Decline in China's growth, oil oversupply affect global markets -- OPEC
18/01/2016 | LOC22:34
19:34 GMT
| World News
تصغير الخطالشكل الأساسيتكبير الخط
VIENNA, Jan 18 (KUNA) -- Price of the crudes' basket of the Organization of the Petroleum Exporting Countries (OPEC) fell in December of 2015 to USD 33.64 per barrel because of a decline in China's growth and oil oversupply, said OPEC.
British Brent dropped to USD 38.90 per barrel, a decrease of USD 7.3, the organization added in its monthly report issued on Monday.
The price of West Texas Intermediate went down to USD 37.33 per barrel, a decline by USD 5.6, the report said, noting that the average global growth dropped by three percent in 2015, while growth rate for 2016 is expected to hit 3.4 percent.
According to the report, there are challenges facing countries of emerging economies and member states of the Organization for Economic Cooperation and Development (OECD) in Europe, so they should address these challenges, it stated.
Growth rate of the ODCD in Europe remained at two percent in 2015 and is foreseen to be 2.1 percent in 2016, it noted, adding that China's economic growth hit 6.8 percent last year and is expected to reach 6.4 percent this year.
India's economic growth steadied at 7.3 percent in 2015 and is expected to hit 7.6 percent this year.
As for demand for oil in 2016, OPEC said it is predicted to rise to 1.26 million barrels per day to reach 94.17 million barrels per day.
It noted that the oil supply from countries outside the OPEC in 2015 rose by 1.23 million barrels per day.
As for OPEC member states, the report noted that supply declined by 0.23 million barrels per day last December, reaching 32.18 million per day, it pointed out.
Balance of supply and demand for oil reached 29.9 million barrels per day in 2015, an increase of 0.2 million barrels compared with 2014.
OPEC expected that demand for crudes will hit 31.6 million barrels per day this year, an increase of 1.7 million barrels compared with the previous year, the report concluded. (end) amq.bsr.hm
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