Opec cuts 2016 oil forecast as emerging markets fizzle

Paris

THE OPEC oil cartel on Monday trimmed its forecast for global oil demand next year as emerging markets, which have been the motor of world growth in recent years, splutter.

Cheap oil prices should be enough to keep oil demand growing slightly in volume terms next year, but also nearly halt the expansion of non-Opec resources, the group said in its monthly report.