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OPEC Sees Global Oil Market Balancing Toward the End of 2016

  • May output was just below the amount required in second half
  • Group keeps view of world oil supply, demand unchanged

OPEC predicted that the global oil market will be more balanced in the second half of this year as demand rises and rival supplies falter, echoing views expressed by ministers at the group’s meeting this month.

The Organization of Petroleum Exporting Countries kept estimates for world supply and demand in 2016 unchanged in its monthly market report. Disruptions in Nigeria reduced the group’s output to 32.36 million barrels a day last month, a little below the 32.6 million average required to satisfy estimated demand in the second half.