OPEC lowers 2016 oil demand estimate, but production still growing

18:57, 14 March 2016
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In its Monthly Oil Market Report for March, released Monday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the cartel's price for its reference basket rose by 8.4% ($2.22 per barrel), the first price increase in three months. OPEC coyly noted the positive sentiment in the oil markets "arising from the efforts of major producers to trim output" along with falling U.S. production and "healthy physical oil markets," according to Yahoo! Finance.

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