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OPEC Wednesday cut its forecast for global oil demand growth in 2016 and warned of further reductions citing concern about Latin America and China, pointing to a larger supply surplus this year.World demand will grow by 1.2 million barrels per day in 2016, OPEC said in its monthly report, 50,000 bpd less than it has previously expected.In its report, OPEC said it expected supply from outside the group to fall by 730,000 bpd this year, more than the 700,000-bpd drop expected previously.Despite the larger non-OPEC decline expected, OPEC projects demand for crude will average 31.46 million bpd in 2016, down 60,000 bpd from last month's forecast.The 13-member group pumped 32.25 million bpd in March, the report said citing secondary sources, up 15,000 bpd from February.
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