OPEC expects lower demand for its oil in 2016 than it previously forecast.
The oil cartel's crude demand forecast was revised down by 100,000 barrels per day for the full-year, slightly lower than its estimate last month, according to a report released Monday.
"In 2016, demand for OPEC crude is expected to stand at 31.5 million barrels per day, 0.1 mb/d, lower than last month, and representing an increase of 1.8 mb/d over the previous year."
It said overall demand for oil, including sources outside OPEC, will increase by 1.25 million barrels per day, as it had said in February. However it mentioned that it considered some upward revisions to demand in "Other Asia, Asia-Pacific and Europe due to better-than-expected data."