LONDON (AP) — OPEC has cut its oil production forecasts for states like the U.S. that are not members of the cartel.
The Organization of the Petroleum Exporting Countries said Monday it had lowered its forecast for daily oil supply growth this year from non-member states by 72,000 barrels a day to 880,000 due to lower than expected output in the U.S. For next year, it trimmed its forecast by 110,000 barrels to 160,000.
The cartel also increased its forecast for global demand growth this year by around 84,000 barrels a day to 1.46 million, and by 50,000 barrels to 1.29 million for next year.
The price of oil has fallen this year amid strong supply and weaker demand from energy-hungry economies like China.
The U.S. benchmark for oil fell 14 cents to $44.49 a barrel on Monday.