Crude prices dropped Thursday as the Organization of Petroleum Exporting Countries lowered the forecast of global crude demand growth.
Demand for crude from the OPEC may fall to a 14-year low of 28. 2 million barrels a day in 2017, according to the group's annual World Oil Outlook.
In the long run, global oil demand is expected to increase by just over 21 million barrels per day (mb/d) during the period 2013 2040, reaching 111.1 mb/d by 2040. In this, developing countries alone will account for growth of 28 mb/d. During the same period, demand in the OECD will fall by over 7 mb/d, said OPEC.
On the supply side, the last few years have seen significant growth from non-OPEC countries. The Outlook continues to see non- OPEC supply growth.
Last week, U.S. crude production gained to 8.972 million barrels per day, according to the Energy Information Administration (EIA). Nationwide crude stockpiles in the United States increased 500,000 million barrels to 380.5 million.
OPEC will hold its next production meeting in Vienna on Nov. 27. The organization pumps a third of the world's crude.
Light, sweet crude for December delivery moved down 77 cents to settle at 77.91 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 9 cents to close at 82.86 dollars a barrel.