In fact, OPEC believes that global demand for oil would still be "broadly robust" in 2016 with countries outside the Organisation for Economic Co-operation and Development, including China, India and Brazil, continuing to "contribute the bulk of oil demand growth this year." OPEC reiterated that it was ready to step into the breach to meet that global oil demand.
"In 2016, demand for OPEC crude is expected at 31.6 mb/d, a gain of 1.8 mb/d, higher than last year," OPEC noted, adding more detail on where it expected demand to come from.
"For 2016, oil demand is anticipated to grow by around 1.3 mb/d, below last year's growth but still broadly robust. Demand in the OECD countries is projected to grow by 0.2 mb/d, with the U.S. leading growth, while Asia-Pacific is seen declining and Europe is expected to be broadly flat compared to the previous year."
Rebuffing fears of a slowdown in U.S. growth and how that could put a dampener on oil demand, OPEC said "positive projected growth in the U.S. economy and continued healthy growth in the road transportation sector are seen outweighing downside assumptions for overall U.S. oil demand, mainly linked to fuel substitution and vehicle efficiencies."