OPEC pumped the most crude in three years as it predicted stronger demand for its oil in 2016 while supplies elsewhere falter. The Organization of Petroleum Exporting Countries said it pumped 31.57 million barrels a day last month, the most since 2012, according to its monthly market report. OPEC sees production outside the group shrinking by 130,000 barrels a day next year as the U.S. shale boom sputters. “The oil industry has experienced a rapid fall in global upstream spending,” OPEC’s Vienna-based secretariat said. “In 2016, the postponing or canceling of upstream projections will likely continue, resulting in contraction” of supplies. Oil prices have rallied about 10 percent in the past month as drilling cutbacks in the U.S. and reduced energy investment globally suggest the surplus in world oil markets will eventually dissipate. OPEC Secretary-General Abdalla Salem El-Badri said in Kuwait on Monday that the market may be “balanced” […]