OPEC on Monday predicted global demand for its crude oil will be less than previously thought in 2016 as supply from rivals proves more resilient to low prices, increasing the excess supply on the market this year. The monthly report from the Organization of the Petroleum Exporting Countries contrasts with that of the International Energy Agency, which on Friday said producers outside OPEC were cutting production by more than it had expected. Saudi Arabia in 2014 led a change in OPEC strategy to defend market share instead of cutting output to support prices, hoping to slow growth in rival supplies such as U.S. shale oil. The move accelerated a collapse in prices, which hit a 12-year low of $27.10 in January. The price drop has started to […]