Vienna: The OPEC Reference Basket declined around 10 percent in November as lower refinery crude intake added to the oversupply in the market, according to OPEC monthly oil market report for December.
The Basket lost $4.52 to stand at $40.50/b. Crude oil futures also fell, with ICE Brent averaging $45.93/b and Nymex WTI $42.92/b.
The Brent-WTI spread widened marginally to $3.01/b.
World economic growth figures remain unchanged at 3.1 percent for the current year and 3.4 percent in 2016.
With slightly stronger growth in the US and lower-than-expected growth in Japan in third quarter of 2015, the OECD growth forecast remains at two percent for 2015 and 2.1 percent for 2016.
India is expected to grow by 7.6 percent in 2016, unchanged from the previous report, while the growth estimate for the current year has been revised down to 7.3 percent.
World oil demand is anticipated to increase by 1.53 mb/d in 2015, averaging around 92.88 mb/d.
For 2016, global oil demand growth is expected to increase by around 1.25 mb/d, unchanged from the previous report, averaging 94.13 mb/d.
Non-OPEC oil supply is estimated to grow by 1.00 mb/d in 2015 to average 57.51 mb/d.
OECD commercial oil stocks fell in October to stand at 2,955 mb, but inventories were around 244 mb higher than the five-year average, with crude and products indicating a surplus of around 180 mb and 64 mb, respectively.
Demand for OPEC crude in 2015 is estimated to stand at 29.4 mb/d, an increase of 0.4 mb/d over last year and representing a downward revision of 0.2 mb/d compared to the previous report.
In 2016, demand for OPEC crude is forecast at 30.8 mb/d, an increase of 1.5 mb/d over the current year and unchanged from the previous assessment.