On Monday, OPEC joined the International Energy Agency (IEA) in predicting that non-OPEC global oil supply will begin to fall in 2016. In addition, OPEC has upped its oil demand outlook for 2016.

The Numbers

In its monthly report, OPEC projected that the world will require 30.82 million barrels of OPEC oil per day in 2016, up more than half a million barrels per day from its previous forecast.

Perhaps more surprising is that OPEC now calls for non-OPEC global supply in 2016 to decline by 130,000 bpd. The organization has previously been calling for non-OPEC supply growth of 160,000 bpd.

Balanced Market

The reduced supply projections are…

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