OPEC expects oil market improved in 2017

2016/7/12 16:40


Indicated the Organization of petroleum exporting countries [OPEC] Tuesday optimistic prospects for the oil market to 2017, saying that global demand will exceed current production and its rough will shrink surplus oil inventories.

OPEC has shown in the report "United Kingdom referendum which ended up voting for out of the European Union heated up fueling economic", stating that "potential negative consequences led to modify global economic growth forecast to 2016 with the cut to 3 percent from 3.1 percent.

OPEC said that world oil demand will rise 1.15 million bpd in 2017 at the earliest projections for next year in the monthly report, which represents a slight slowdown compared with growth of 1.19 million barrels a day in 2016.

Oil prices fell by half compared with levels two years ago as landing intensified after OPEC failed in late 2014 on production cuts to support prices in the hope that the oil price decline limit the supply of higher-cost competitors such as shale oil.