OPEC predicts lower demand for oil next year



July 12, 2017

Baghdad - Agencies
The Organization of the Petroleum Exporting Countries (OPEC) said global demand for OPEC oil will fall next year as US rock producers and other competitors pump more crude, suggesting that the oil market will see a surplus in 2018 despite the reduction of OPEC-led production .

In its monthly report on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) predicted that "the world will need 32.20 million barrels per day of crude produced by its members next year, down by 60 thousand barrels per day compared to this year as the competitors pump more Raw ".

Opec output has risen to more than this level despite an agreement led by the cartel to cut supplies, which began in January.
"Production increased 393,000 barrels per day (bpd) in June to 32.611 million barrels per day, led by a rise in supply from Nigeria and Libya, capping production cuts, as well as infusing Iraq and Saudi Arabia with more," the report said.

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