The Organization of the Petroleum Exporting Countries (OPEC) released its monthly oil report last Tuesday. It revised up forecasts for global oil demand growth for this year by 70,000 barrels a day, forecasting that consumption will increase by 1.26 million barrels a day. It also raised estimates for supply growth outside OPEC, to 400,000 barrels a day. “The re-balancing of the oil market, driven by the recent successful OPEC, non-OPEC declaration of cooperation, is likely to further enhance the global oil industry, leading to even more global economic growth and hence higher oil demand growth in 2017,” OPEC said.