The world oil market should be more balanced next year as China and the developing world use more oil, while supply of shale gas from North America and other regions grew more slowly, OPEC said in its monthly report, quoted by Reuters.

The Organization of the Petroleum Exporting Countries said it expected world oil demand to increase by 1.34 million barrels per day (bpd) in 2016, up from growth of 1.28 million bpd this year. Thus, OPEC production will be higher than that of countries that are not members of the cartel and from condensed gas deposits, resulting in a more balanced market, OPEC report shows, according to Agerpres.

Next year, demand for oil produced by OPEC member states would grow by 860,000 bpd to 30.07 million bpd. OPEC reduced its estimate for this year to 29.21 million bpd. The supply of crude oil from countries not members of the cartel would grow by just 300,000 bpd in 2016, although the initial prognosis was a growth of 860,000 bpd this year. Production in the US will register a more modest growth rate next year, of 330,000 bpd, versus 930,000 bpd expected this year, OPEC report shows.

Also, OPEC estimates that in June the production of its members increased by 283,000 bpd to 31.38 million bpd. Monday, the price of Brent oil with August delivery was down 1.24 dollars, to 57.49 dollars, while on the New York Mercantile Exchange (Nymex), the WTI light sweet crude oil quotation (WTI) was down 0.91 dollars, to 51.83 dollars.

In June, ministers from member countries of OPEC decided to maintain official production ceiling of the cartel to 30 million barrels per day. Since the oil price has rebounded by almost a third after last January fell to 45 dollars per barrel, the lowest price in the last six years, OPEC ministers felt there was no reason to change strategy which seems to have revived global consumption and put a brake on the progress of US oil and shale gas.