OPEC Points To Larger 2018 Oil Supply Deficit As Market Tightens

14 Nov 2017   OPEC

OPEC raises its forecast for demand for its oil in 2018 and says its deal with other producers to cut output was reducing excess oil in storage. LONDON, Nov 13 (Reuters) – OPEC raised its forecast on Monday for demand for its oil in 2018 and said its deal with other producers to cut output was reducing excess oil in storage, potentially pushing the global market into a larger deficit next year. The Organization of the Petroleum Exporting Countries also said in a monthly report it had cut its estimate of 2018 supply from non-OPEC producers and said oil use would grow faster than previously thought due to a stronger-than-expected world economy. “The global economic growth dynamic has continued its broad-based and relatively strong momentum,” OPEC said. “The ongoing momentum could still provide some slight upside potential.” OPEC said the world would need 33.42 million barrels per day (bpd) […]

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