Dubai – Mubasher: The supply of oil from countries outside of the OPEC will contract next year as world oil demand rises, according to the monthly report issued by OPEC on Thursday.
The production cartel slashed its estimates for production from outside OPEC by around 250,000 bpd to 57.14 bpd in 2016.
The organization predicted oil demand would increase by around 1.25 million bpd to average 94.14 million barrels a day next year.
