OPEC forecasts 2018 call on its crude oil at 32.2 mil b/d, down 60,000 b/d from 2017

13 Jul 2017   OPEC

OPEC’s analysis arm on Tuesday offered a bearish 2018 outlook for the producer bloc, projecting that global demand for its crude would fall by 60,000 b/d from this year to average 32.2 million b/d. OECD oil stocks 234 million barrels above 5-year average Global demand to grow 1.26 million b/d in 2018 Non-OPEC supply to grow 1.14 million b/d in 2018 OPEC NGLs supply to grow 180,000 b/d in 2018 That is 400,000 b/d below its June output level of 32.6 million b/d, according to OPEC’s secondary sources, meaning that if OPEC holds output steady, the market’s supply glut would continue through next year. Related article — Oil markets currently in balance, set to tighten in H2 2017: BP’s Dudley In offering its first forecasts of 2018 market fundamentals, OPEC said its projections of non-OPEC oil supply and OPEC NGLs growth next year “will slightly outpace incremental world oil […]

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