FXStreet (Mumbai) - The latest monthly report from the Organization of the Petroleum Exporting Countries (OPEC) shows the non-OPEC supply is likely to contract more than expected in 2016. Key Points Oil demand forecast for 2016 rose to 1.26 mbpd vs 1.25m prior. Oil surplus to shrink to 530kbpd in 2016 vs previous forecast of 860kbpd prior. Non-OPEC supply expected to drop -600k vs -380k bpd prior. For more information, read our latest forex news.